Tel. +44 (0)20 7287 4414
Tel. +44 (0)20 7287 4414
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.

Bruges Group Blog

Spearheading the intellectual battle against the EU. And for new thinking in international affairs.

Can the Turncoats Turn Back?

Janus-Building Janus Building Burns

The UK faces problems, problems that to a great degree are the fault of the political and financial establishment. There is no point in blaming every ill on Covid and Ukraine indeed it is only to the latter crisis that the establishment response has been sure footed. Otherwise, the failures are legion. Brexit has not been fully implemented. We are still bound by a plethora of EU law. ECHR judges sitting in camera block our efforts to control immigration and weak leadership prevents us leaving it. The failed economic policy of the IMF World Bank, Fed and BoE continues to depress and oppress us when we should be making strides towards the low tax high wage economy we voted for.

The Tory party is in turmoil because it has rejected the values that saw it elected three years ago. Both Johnson and Truss were brought down by a cabal of anti Brexit pro Financial Orthodoxy MPs who, if they were honest, should be LIb Dems. Neither Johnson or Truss helped themselves, but it is beyond doubt that the knife wielders were determined to use every dirty trick to unseat them. Truss presented a sound plan for growth. Yes, it was poorly presented, but she did not deserve the wrecking onslaught. Nor did the country. Apparently, a major problem was that the BoE stopped buying government debt. Doing so had supported Sunak's largess. The government owns the BoE. Therefore, buying its own debt is fiscally prudent? Obviously the BoE has been playing its own game and it is time to review its theoretical independence.

Tory MPs were determined to have Sunak and his coronation is their victory. He is promoted as the safe pair of hands. Why? Firstly, he was preparing to stab Johnson in the back long before he quilt. Those who quit on a question of principal do not have well-prepared and expensive campaign material ready. Politics, we are told is a dirty business. Indeed. Serial backstabber Michael Gove proves that point. It also suggests that those who wield the knife see it as a legitimate means of achieving their goal. The problem is that their goal is not that of the people that elected them. Sunak's record is based almost entirely on the Covid response. Printing money and giving it away to targeted groups may be sound in an emergency. Indiscriminately showering it like confetti is not. Having such loose control that billions have fraudulently vanished is not responsible. Treating emergency aid debt as current expenditure that must be repaid from current taxation is absurd.

Sunak was early on captured by Treasury orthodoxy, raising taxes to a level only seen before under Labour. His record so far is that of a Dennis Healey tribute act. It is not what the country voted for. The present Chancellor has appointed a team of experts to guide him. One was an advisor to Osborne, one an advisor to Hammond and the other two are noted low interest money printers. Why would anyone ask the representatives of the ones that created the mess to advise on its resolution? Indeed, since the 2008 crash (caused by banking/economy experts) Financial orthodoxy has seen money printed (QE) being given to Banks to stimulate the economy . Bizarrely, the banks have been paid interest on the money given, encouraging them to hoard it and keep interest rates ridiculously low. These same geniuses now suggest taxing our way out of the mess they created. Of course they claim it's the markets wot don it. As Mervyn King (our last sensible Central Banker) said recently, "Markets are not in charge. Governments and central banks are. Markets respond to the announcements made by government and central banks. And central banks have lost control of inflation, government lost control of the public finance; not surprising that markets respond to that."

Those opposed to the democratic decision of the British people are emboldened by the Tory Party's undemocratic attitude. Tory donor and long time Brexit opponent Guy Hands joins other anti democrats to demand a renegotiation of the WA. That's code for rejoin. He is the one whose contribution to Project Fear was the prediction that Brexit would result in a 30% wage reduction for UK workers. Even being abysmally wrong does not stop the opponents of democracy.

The majority of Tory MPs have behaved disgracefully and have imposed their choice. Many have stated they want to ignore the troublesome membership. I am one troublesome member who will resign. I have never thought it worthwhile to belong to anything where one is treated with contempt. I believe we need a realignment of British politics. The Tory Party under Sunak will be a Lib Dem government without joining them. It will destroy or at least set back the aspiration and hopes of those who voted for Boris Johnson by a generation. The only feint hope is that turncoat Sunak will realise his errors, rediscover his Tory Brexit soul and deliver what the Nation voted for. To paraphrase Oliver Cromwell "Hope for decent MPs, but keep your powder dry".

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Tel: 020 7287 4414
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