It’s unusual for banks to make the news over a weekend but social media are abuzz over reports that several major banks are considering leaving London, to relocate somewhere on the continent, to ensure that they can continue to enjoy the full benefits of being part of the European single market. During the EU referendum campaign, many of us on the Remain side warned that this might happen, but the Brexiteers poo-pooed the notion, saying that even if Britain leaves the EU it will continue to be able to trade exactly as before, whether in goods or services. Such an argument flies in the face of the realities of the single market, but alas too many Brexiteers were not prepared to engage with facts, especially if they were presented by people who actually knew what they were talking about. Similarly, also this weekend, the EU Agriculture Commissioner, Phil Hogan, announced categorically that the open border between Northern Ireland and the Republic of Eire will not be able to function as it does now once the UK is outside the EU. I argued that point against the then Northern Ireland Minister, Theresa Villiers, at a public meeting in Barnet during the referendum campaign and she got thunderous applause from the audience by declaring that there would be absolutely no change to the open border policy after Brexit. What she said was populist codswallop, maintaining that we can have our cake and eat it.
Boris Johnson was a serial offender in that respect, making all sorts of fanciful claims during the campaign about how green the grass will be on the other side of the Brexit fence, in total contradiction to the facts. Unsurprisingly, PM Theresa May got a very frosty reception from her 27 EU colleagues at the recent EU Council, so maybe the penny is beginning to drop with her that Brexit is both economically and politically disastrous for Britain. It has already caused the pound to plummet; just wait to hear the howls of protest when inflation starts to rocket as a result of higher-priced imports. I very much doubt that Mrs May has the courage to say, as she should, “This is madness. Let’s pull back from the brink before banks leave and the economy contracts.” But until she does, the Brexiteers like Boris Johnson and Theresa Villiers should fess up and tell the British public and the more rabid elements of the national media that they lied, repeatedly, during the referendum campaign and that they are sorry, and that whatever unsatisfactory deal is cobbled together over the next two years or so should be put before the electorate to ask whether they really prefer that to staying in the EU, with all the benefits that that brings.