A not entirely accurate map Credit - Wik

William Keegan gives us what must be one of the odder arguments against Brexit out there:

George Soros is right: Europe faces an existential crisis, not least because of an addiction to austerity that has certainly contributed to Italy’s summer of discontent. This makes it all the more urgent that the time-and resource-consuming wastefulness of Brexit be brought to an end, and the sooner the better. There are huge problems facing Europe: in addition to the domestic damage the prospect of Brexit is causing, it constitutes a huge distraction from the reforms the EU requires.

It is no use waiting several years. The damage to our economy is manifest already, and the Treasury, Bank of England and Organisation for Economic Co-operation and Development are not employing empty threats in concluding that things are set to go from bad to worse, as the investment so vital for productivity is postponed and the public and private sectors suffer recruitment problems.

The European Union is irremediably screwed. Or at least requires near total root and branch reform. We’ve got to get the Germans, the Bundesbank, and their manias about sound money and responsible public finances out of the decision making system. Until we do that we’ll all be crushed by austerity.

Therefore Britain must remain in this system near irremediably screwed.


Subscribe to The CT Mailer!

Leave a Reply

Please Login to comment
3 Comment threads
0 Thread replies
Most reacted comment
Hottest comment thread
3 Comment authors
SpikePatRhoda Klapp Recent comment authors

This site uses Akismet to reduce spam. Learn how your comment data is processed.

newest oldest most voted
Notify of
Rhoda Klapp
Rhoda Klapp

What is the damage to the economy, actual rather than predicted, of deciding to leave? He says i’ts manifest already. In contrast, what is the damage caused by 46 years of membership? That surely is actual. Why does he think free people of european stock can’t make a go of it? What does the EU bring us that we actually need?

OTOH, why does he think it’s about the economy anyway?


The damage to our economy seems to consist of near enough full employment, including employment for a large number of Poles, French, Romanians and sundry others plus finally rising real wages. I’ll take a lot of damage like that. Perhaps he’s referring to the housing shortage, caused in part by our restrictive planning laws and in part by having allowed millions of people into the country without allowing enough homes to be built. We’d surely have reached full employment sooner if we didn’t need to generate jobs for Europeans, and the only way of preventing European immigration as part of… Read more »


Austerity means self-deprivation, an era of living without, curtailing one’s life, and getting used to the resulting inconveniences. As far as the British government, austerity has been a chronic slogan but there has been no austerity. It has been an era of insiders forcing outsiders to live without, higher taxes to bring the budget toward balance (though they haven’t), rather than making anyone within government face austerity. By the way, no, George Soros is never right. What he is arguing here (as he won’t be asked to back up his assertion that Brexit is doing damage) is saying Britain should… Read more »