I returned from France yesterday to find no change on the UK or European scene. The Spanish have had their election. Its run on a party list system like our European elections and elects a parliament as powerless as the European talking shop our MEPs go to. As in the UK the Spaniards do not vote for the candidate they want. The candidates are chosen by the party leadership and they owe their loyalty to the party leadership. They do not give a stuff about the voters so its just like EUKIP. It is the European way to ensure Brussels rules Ok!
As I write the ten year bond rate for Spain is 6.59% and Italy 6.67%. Compare that with Germany,1.91%. The ECB has of course been buying Spanish and Italian bonds on the quiet in the secondary market just to keep rates at these unsustainable levels.
I am not a great fan of Roger Bootle or indeed any big name UK economist but his piece in today's DT business is very good. He points out that UK policy is driven by those politicians and diplomats obsessed with having a seat at the 'top table'. Overweening pride and arrogance is the characteristic of all political elites. Its a seat that has cost the UK dearly and has delivered nothing for the ordinary people of the UK. As Bootle says such UK influence as we have exists because we are the Eurozone's single biggest export market! So if we were to leave the EU the Merkozy countries would lose much many jobs than the UK if they did not strike an immediate trade deal with us.
It is not tax harmonisation, a common currency and regulation will not deliver jobs for any country, only successful businesses can do that. The Eurozone is at best a stagnant/declining market. The growing markets are in India, China and South America. Markets where pre 1972 the UK was strong. We should return to these markets asap. Our Europhile political elite is fighting the last 39/45 war in the finest British tradition rather than looking ahead at what is coming out of the East.
I want a country with a rising per capita GDP. A country with a weak government responsive to and under control of the ordinary people like Switzerland. Look where strong government has led us, Iraq, Afghanistan with worst of all a huge sacrifice of young UK men and women.
Let us return to our own country. Rid ourselves and our business of the intrusive EU regulation and recognise that the Euro is a failed project of a failed state.
I opined many months ago that this whole sorry tale will be settled in blood on the streets of the capitals of Europe. I pray the boy and his chum Gideon will put the interests of the UK people first and not their deck chair location on the EU Titanic.