Tristan de Bourbon (London) | “The United Kingdom joined the European project because the elite wanted to return to a much more open economy, to liberalise the British economy. They also discovered the United States would never treat the United Kingdom as an equal and would remain protectionist,” explains David Edgerton, Professor of History at King’s College London and author of the recent book The Rise and Fall of The British Nation, where he analyses the ideology behind the government’s action.
The calm that preceded Boris Johnson’s electoral victory and the approval of Brexit is coming to an end and the gaps looking ahead raise the question “And now what?”. The UK PM faces the option of hooking up with existing EU standards, which will allow for greater trade; and regulatory autonomy, which gives the UK domestic control, but makes trade difficult. But the choice of one way or the other will have consequences.
Peter Lundgreen via Caixin | Back in 2013, British Prime Minister David Cameron promised a referendum about the country’s future in the European Union if he got re-elected in a national election this year, and now a vote on the issue is set for 2017 at the latest.
LONDON | By Víctor Jiménez | The image of the Bank of England’s monetary policy Committee, which met in early July to not issue any decision on interest rates, was at the same time historic and false.
LONDON- THE WEEK THAT WAS | By Víctor Jiménez | Thrilling? Not exactly. Unless you file accounts for a rogue large company, the rabbit out of the top hat the Financial Reporting Council pulled this week should have left a too familiar, dull sight printed on the retina: the watchdog suggested a named-and-shamed punishment for both public and private companies whose reporting standards fall below legal requirements. Duh.
LONDON- THE WEEK THAT WAS | By Víctor Jiménez | One in five homes built in the UK since last April have ended sold through the program Help to Buy, according to the largest stock market listed estate agent in the UK, Countrywide. This figure shots up to more than 50% in northern England where the housing sector had fallen into a deeper recession than elsewhere. In London, a resilient spot, one in ten homes have seen contracts exchanged following the heavy but comforting hand of the state.
MADRID | By Julia Pastor | Expressions such as “two-speed Europe”, or “the gap between core and peripheral European countries” have been hitting the headlines for ages. The reality is that state members have never grown at the same pace and they are not likely to ever do so. Expectations about the end of crisis suggest that not all of them will exit at the same time; imbalances will continue one way or another. British economy could reach 2008 pre-recession growth peak next summer, while EU members like Italy, Croatia or Slovenia may see imbalances increase. Germany’s eagerness for saving and also investing out of Europe could postpone the problem.