Eu

Thursday

Liam Halligan

The Bank of Wonderland

What should we think about negative interest rates? What kind of Alice in Wonderland world are we living in when companies and households are paid to borrow and charged if they save? Seemingly crazy, negative interest rates are spreading nonetheless. Implemented by central banks in Europe, Japan and elsewhere, they now apply in countries accounting for a quarter of the global economy. Should we be worried? Could we see negative rates in Britain? Earlier this month, the Bank of England cut interest rates for the first time in seven years, from 0.5 per cent to a new record low of 0.25 per cent. Quantitative easing was also restarted, with the

Mary Wakefield Mary Wakefield

The Boris-bashers should be ashamed

Throughout this fractious summer, one thing has united all the warring pundits and politicians. Left, right; Leave, Remain, everyone at least agrees that it was crazy to leave the country in Boris’s hands. He’s not serious, they say, looking, as they make this pronouncement, jolly pleased with their own relative gravitas. They should instead be ashamed. The endless jeering at Boris isn’t justified — he was a decent mayor of London — and it is not in good faith. What purports to be considered criticism is almost always just sour grapes. Why the bitterness? More often than not, Boris-bashers — in Parliament or press — are his contemporaries. A lot

Tuesday

Tom Goodenough

Brexit won’t finish the EU, insist Merkel, Hollande and Renzi

It’s no surprise that Italy’s prime minister Matteo Renzi chose to host a press conference with Angela Merkel and Francois Hollande on an aircraft carrier; this was a piece of theatre designed to show the EU is fighting back. ‘Many thought the EU was finished after Brexit,’ said Renzi. Not so, he claimed. Instead, Britain’s decision to leave the EU was the chance to ‘write a future chapter’ and ‘relaunch the powerful ideas of unity and peace, freedom and dreams’, the Italian PM insisted. All very well, you might think, but what does that mean? Defending the continent against the threat of Islamic terrorism was a key topic. Angela Merkel

Saturday

Fraser Nelson

Revealed: the bureaucrat who advised Theresa May to use EU nationals as bargaining chips

The biggest puzzle of Theresa May’s premiership so far is why someone who pioneered laws against modern slavery and was so tough on stop-and-search should take such an extreme and heartless position on EU migrants. Her declaration – that she’d use them as bargaining chips in Brexit talks – struck many who would otherwise support her as bizarre and repugnant. The Times reveals today that this idea was dummed up, as you’d expect, by the Whitehall machine. Sir Ivan Rogers, Britain’s ambassador to the EU, advised all candidates for the Tory leadership to use Britain’s three million EU nationals as bargaining chips in Brexit talks because he thought it would be the

Thursday

Lloyd Evans

Out – and not proud

‘Many people are mourning,’ said Sam West on a BBC panel show discussing the response of the arts world to Brexit. According to West’s figures, ‘96 per cent of those polled were for Remain. Collaboration and connection are our bread and butter.’ The atmosphere of bitterness and anger was palpable at the Edinburgh Festival. I spent four days immersed in comedy shows and I heard only one pro-Brexit gag. The excellent Geoff Norcott said he was puzzled to meet Remainers who told him the result had been swung by ‘thick’ Leave voters. ‘Thick?’ he said. ‘The Remain campaign waited until after 23 June to stage their street protest.’ Lloyd Evans

The Spectator

Defending Brexit

One of the many incorrect predictions about this year’s referendum was that those who voted for Brexit would soon regret it. The theory was that these deluded souls only intended to lodge a protest vote, and would be overcome with buyers’ remorse as Britain fell headlong into a deep recession. Two months after the referendum, there is precious little regret. Polls suggest that just 5 per cent of those who backed Brexit wish they hadn’t; the same is true for those who voted Remain. However, the Remainers have moved quickly and effectively into post-campaign mode and have found a new vocabulary. Their new enemy is ‘hard Brexit’. They seize on

The Spectator

Barometer | 18 August 2016

Four-letter surveys A judge at Chelmsford Crown Court who was sworn at by a man she was sentencing to jail swore back at him from the bench. How common is swearing? — A study in 1980 by Timothy Jay of the Massachusetts College of Liberal Arts analysed 11,609 words of everyday conversation and found 70 taboo words — a rate of 0.7%. — A similar study in Britain in 2006 suggested that between 0.3% and 0.5% of words we utter are swearing, and a 2007 US study suggested a rate of between 0.5% and 0.7%. According to the latter, Americans utter between 15,000 and 16,000 words a day, 80–90 of

Ariane Sherine

What performing stand-up in Ukip country taught me about racism

Most people would say UKIP lends itself to comedy better than Denis Healey’s eyebrows lent themselves to tweezers – but not the people of Walton-on-the-Naze, as they live in the party’s only constituency. I’m a stand-up comic, and I was booked to play the town’s first comedy night this month. I don’t know if the lovely promoter realised I was Asian when he booked me; for my part, I didn’t realise Douglas Carswell was Walton’s MP, and only discovered while Googling the town on the way to the gig, when it was too late to turn back. When I arrived in Walton-on-the-Naze’s large ballroom with its cornicing and chandeliers (‘It

Matthew Lynn

Economists, not the economy, are the only ones taking a battering from Brexit

There are queues outside the money exchanges as we desperately try and swap our worthless pounds for euros. The Red Cross are flying in food parcels. The IMF is arranging an emergency aid package, whilst house prices are in freefall and interest rates are soaring. If you cast your mind back only a few weeks, that was meant to be an accurate description of the British economy by now if we were crazy enough to vote to leave the European Union. That, however, is not how it has worked out. In fact, the economy is fine. It is the economists who are taking a beating. This week, we have had the

Nicholas Farrell

Italy’s migrant purgatory

 Ravenna At a car park a short walk from Dante’s tomb, one of the gang of illegal immigrants who tell motorists where to park and hound them for cash agreed to talk to me for €20. His name was Billy, he said, and he was 22. He was from Senegal and a Muslim. He had come to Italy by fishing boat 14 months ago from Libya, where he had arrived via Mali and Algeria. He paid €200 for the trip (the going rate is said to be at least €1,000) and his boat landed at Lampedusa, 160 nautical miles from Tripoli. ‘Why did you come?’ I asked. ‘In Senegal, no

Martin Vander Weyer Martin Vander Weyer

Why lining shareholders’ pockets is more productive than plugging black holes

The revelation by actuarial consultants Lane Clark & Peacock that 56 of the supposedly blue chip companies in the FTSE 100 index are running deficits totalling £46 billion in their defined benefit pension schemes puts the BHS story into a new perspective. It tells us that the £571 million ‘black hole’ in the chain’s pension fund was by no means out of the ordinary — it is a small fraction of the deficits declared by the likes of BT, Tesco, BAE Systems and BP, even if it might have been mitigated by wiser decisions on the part of the scheme’s trustees and greater generosity on the part of former BHS owner

Wednesday

Philip Sime

Forget the ‘Norway model’. Germany suggests UK could get ‘special’ EU status

Britain’s decision to leave the EU sent shockwaves crashing throughout the continent. As Europe struggled to interpret the outcome of the referendum, we heard calls for Brussels to drive a hard bargain with the UK in order to contain the ‘Brexit contagion’. The European Council President Donald Tusk’s warning that the UK must not be allowed to ‘profit’ from leaving the bloc summed up this mood. But now, it seems, our neighbours in Europe are coming to terms with Brexit. And with it, the desire to punish the UK appears to be dampening. Michael Roth, Germany’s European Affairs minister, has this week suggested that a ‘special status’ could be achieved

Tuesday

Tom Goodenough

Will Theresa May finally stick up for EU workers’ rights?

Theresa May has somewhat shamefully maintained her reticence over the rights of EU workers to stay in Britain after Brexit. But some in the ‘Leave’ campaign are continuing to pile pressure on the PM to do the right thing and give assurance to the 3.5million Europeans living and working in Britain. Gisela Stuart was clear throughout the referendum that these workers should not be booted out of Britain in the event of a ‘Leave’ vote. And in a campaign which painted few in glory, Stuart is an exception for actually sticking by what she said. Here’s what she had to say this morning: ‘I think there is no debate about

Thursday

The Spectator

Letters | 11 August 2016

The hate is real Sir: It is clearly an exaggeration to call Britain a bigoted country (‘We are not a hateful nation’, 6 August), but downplaying the recent wave of xenophobic and racist incidents across the UK as ‘somebody shouting something nasty on a bus’ is equally wrong. Verbal abuse in itself is worthy of condemnation, yet the character of recorded harassment is actually much more serious. In the past few weeks, Poles in this country were shocked by vulgar graffiti (West London; Hertfordshire; Portsmouth) and hurtful leaflets (Cambridgeshire) urging them to ‘go home’ in most offensive ways possible, while a family in Plymouth fell victim to an arson attack.

Peter Jones

Rome’s border policy

Whether the EU commission knows what is good for it or not — always a tricky call — post-Brexit Britain should follow Roman practice in intelligently organising its borders. These were not meant to be barriers, but traversable, under Roman control. Take the Red Sea ports. Travellers to and from Egypt were given trackable passes, at a cost, to access both the roads and the ports. Everyone understood the system, and services sprang up along the routes to keep trade flowing. The very presence of Roman soldiers created mini-markets of their own for clothes, food and sex. An inscription records the hire of a prostitute, Procla, to a military outpost

Tuesday

Tom Goodenough

Germany turns against EU-Turkey deal

Is the tide in Germany turning against Turkey? It certainly seems to be. A poll today shows a majority of Germans favour ending the refugee deal agreed between the EU and Turkey back in March. The agreement has helped stem the flow of migrants flooding into Europe, making a repeat of the 1.1m people who arrived in Germany last year unlikely. But the deal came at a price: Turkey won a renewal of aid, the prospect of visa free travel for its people across Europe and the biggest prize of all – ‘re-energized’ EU membership talks. Yet for all the bluster talked about the EU deal, it seems that many Germans are

Tom Goodenough Tom Goodenough

Britain’s trade deficit will be a useful Brexit bargaining chip

Britain’s trade deficit – the difference between what we import and export – widened in the run-up to Brexit. Figures out today show that we imported £5.1bn more goods than we exported to the rest of the world. That gap widened by nearly £1bn between May and June, according to the ONS, in a picture which the Guardian have said is pretty ‘ugly’. But there is a flip side. Firstly, these figures don’t reflect anything about the referendum – they were compiled in the build-up to the June vote, so they tell us little about the impact of Brexit. Secondly, it’s worth mentioning that whilst the deficit has, indeed, got bigger,

Monday

Tom Goodenough

The Brexit tourist boom to Britain is on

We were warned during the referendum run-up that Brexit could be a disaster for tourism. Much of the Project Fear medicine focused on what it might mean for British tourists heading overseas; the answer could be largely summarised as all doom and gloom. Abta, for instance, warned that ‘a Brexit could…affect the flow of trade and travel’. In short, the message was clear: Brexit was bad news for the travel industry. But what we heard less about was how the referendum might affect the numbers actually heading to Britain. Now, a month on from the June 23rd vote, we have the answer:  British tourism is booming. In July, bookings for flights landing in

Saturday

Raphael Hogarth

If the Lords try to end the Brexit nightmare, it will only end badly

We could be heading for a colossal constitutional showdown. Earlier this week, Baroness Wheatcroft told the Times that she and other peers are hoping to muster up a Lords majority against the invocation of Article 50, even if the Commons votes in favour. This would be extremely dangerous. Confrontations on this scale can be resolved in three ways. All end badly for the remainers, the Lords and the country. First, there’s packing. The government can fill (or at least threaten to fill) the Lords with sympathetic peers to get its legislation over the finishing line, provided the monarch agrees. The most fractious and feverish confrontation between the chambers, over the Great Reform Act

Lucy Vickery

An ode for Theresa May: Spectator poetry competition winners

There was a good response to the call for poems on a political theme entitled ‘May day’ but the mood was overwhelmingly bleak despite the efforts of a relentlessly optimistic few, Tim Raikes and Alanna Blake among them. There was much to admire though, including a neat riff from Frank McDonald on Shakespeare’s Sonnet 18 — ‘Shall Maggie be compared to Theresa May/ Who is more cautious and more temperate?’, a ‘Jabberwocky’-inspired submission from Andrew Bamji and Alex Lynford’s clever Blakean turn. Nicholas Hodgson, Martin John, George Simmers, G.M. Davis, John Whitworth and Michael Copeman were on top form too. The winners are printed below and earn their authors £30