Thursday, 01 March 2018 11:31


Toys 'R Us goes under, Maplin's goes under and a list of other retailers are struggling.
 The Financial Times tells us bluntly that these business failures, and others coming down the line, are directly attributable to the fall in the value of the pound precipitated by fears of Brexit. The tabloid press and pro Brexit politicians have worked hard in recent months to spread the idea that Brexit will be OK because it is twenty one months since the EU referendum and we are still standing.
 Let's be clear. The fact is that Brexit hasn't happened yet and already its prospect and the realities of austerity Britain are starting to kick lumps out of our economy. 
The probability is that this trend will both continue and intensify. It is clear that Theresa May's government still hopes to cherry pick a new relationship with the EU - it will take a miracle for that to happen. The record from stage one of the negotiations is that the British Government states 'pie in the sky' "red lines", time is wasted talking around them, then the UK capitulates to the inevitable, commits itself to impossibilities like the "no hard border with Ireland" position and staggers on towards the next brick wall.
It is economics at the most basic of levels to understand that an austerity policy that allows prices to rise faster than wages, while the international trading value of our currency is also falling, will reduce retail spending and that will come first in non essential goods like toys and electrical appliances.
How long will the fear of losing personal power hold this strategically bankrupt UK government together ? 
Read 478 times Last modified on Wednesday, 02 May 2018 15:17

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