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Thursday, 2 February 2023

[New post] Singapore on Thames

Site logo image WorldbyStorm posted: " Not unuseful to hear the following: Guy Hands, a leading City figure, has called Brexit a "complete disaster" and a "bunch of total lies" that has harmed large parts of the economy. Speaking on the third anniversary of the UK's departure from the " The Cedar Lounge Revolution

Singapore on Thames

WorldbyStorm

Feb 2

Not unuseful to hear the following:

Guy Hands, a leading City figure, has called Brexit a "complete disaster" and a "bunch of total lies" that has harmed large parts of the economy.

Speaking on the third anniversary of the UK's departure from the EU, Hands, the founder, chair and chief investment officer of the private equity firm Terra Firma, said: "It's been a complete disaster. The reality is it's been a lose-lose situation for us and Europe. Europe has lost more [in financial services] but we've lost as well. And the reality of Brexit was, it was just was a bunch of complete and total lies.

"The only way that the Brexit put forward by Boris Johnson was going to work was if there was a complete deregulation of the UK and we moved to a sort of Liz Truss utopia of a Singapore state and that was just never going to happen," Hands, a former donor to the Conservative party, told BBC Radio 4's Today programme.

But as he notes:

 

"The British population was never going to accept a state in which the NHS would be demolished, where free education would be severely limited, where regulation with regard to employment would be thrown apart. It was just complete and total absolute lies."

He added: "The biggest issue about it, and you can take the Brexit bus as a good example, is the lies that Boris Johnson and the Conservative party told about the NHS. In fact what they did was throw the country and the NHS under the bus."

 

Even to make the comparison between a relatively small city state and a large nation state is to point to the idiocy of attempting the Singapore on Thames idea. 

Now Hands is clearly from a certain socio-economic location, and yet if one thinks that he exaggerates, well, consider the response from the other person on the same programme. Ever deeper deregulation was very much a part of the picture for some on the Brexit side - particularly within the Tories. 

Eddie Truell, a City veteran and strong Brexit supporter who set up the private equity firm Duke Street Capital and is co-founderof the Pension Insurance Corporation, expressed disappointment at the speed of deregulation in the UK's financial services sector. "I hoped we would see faster deregulation than has been the case," he said, also speaking on Today. "We saw an enormous positive explosion in the City after big bang in the 1980s: I was hoping we would see the same thing."

And what about this for cold comfort:

"Leaving the EU did mean that financial services found it much easier to trade with other countries outside of the EU. It was lose-lose in my opinion," Truell said. "The EU probably lost rather more from failing to reach proper agreements on financial services, but the UK clearly didn't benefit either. But overall the City managed to pivot its exports to other parts of the world, particularly the US, Singapore, Switzerland, etc."

The EU 'probably lost rather more' eh? Even stripped of the qualification that sort of analysis is entirely hollow. 

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