Archive for the ‘Imperialism’ Category
Stop Trump is a coalition of organisations and individuals that have come together to protest against Donald Trump’s planned state visit to the UK.
PLEDGE TO MARCH AGAINST TRUMP’S VISIT TO BRITAIN
Donald Trump’s presidency is turning out to be every bit as dangerous and divisive as we feared. The rhetoric of his campaign, and his early executive orders, have sparked a wave of fear and hatred. Those who are often already marginalised and discriminated against – particularly Muslims – have been particular targets for Trump.
Trump directly threatens steps towards tackling climate change, fighting discrimination, inequality, peace and disarmament. At the very moment when the world needs more solidarity, more cooperation, and a greater commitment to justice, he proposes to build walls and wants to turn us against each other.
We are dismayed and shocked by the attempt of the British government to normalise Trump’s agenda. People in Britain never voted for this. It is our duty as citizens to speak out. We oppose this state visit to the UK and commit ourselves to one of the biggest demonstrations in British history, to make very clear to our government, and to the world, this is not in our name.
We were launched on 2nd February 2017 in a letter to the Guardian. Our initial supporters include:
Dan Howell @DanIsNotOnFire
John Pandit, Asian Dub Foundation soundsystem
Bianca Jagger, Council of Europe goodwill ambassador
Talha Ahmad, Muslim Council of Britain
Shanza Ali, Muslim Climate Action
Rizwan Hussain, Jawaab
Kalpana Wilson, South Asia Solidarity Group
Anas Altikriti, The Cordoba Foundation
Suresh Grover, The Monitoring Group
Nirmala Rajasingam, human rights activist
Amrit Wilson, writer
Amna Abdullatif, The Women’s Platform
Rajiv Menon QC, NMP
Aysha Al-Fekaiki, Iraqi Transnational Collective (London)
Saqib Deshmuk, Writer/campaigner
Fizza Qureshi, Migrants Rights Network
Baljit Banga, Director, London Black Women’s Project
Halima Gosai Hussain, Inclusive Mosque Initiative
Fiaz Ahmed, JUST Yorkshire
Andy Gregg, ROTA (Race on the Agenda)
Aamer Anwar, Human Rights Lawyer
Shabana Mahmood MP
Ed Miliband MP
Tulip Siddiq MP
Claude Moraes MEP
Rushanara Ali MP
Caroline Lucas MP
Mhairi Black MP
David Lammy MP
Leanne Wood, Leader, Plaid Cymru
Hywel Williams MP
Clive Lewis MP
Tim Farron MP
Melanie Onn MP
Frances O’Grady, TUC general secretary
Dave Prentis, Unison general secretary
Tim Roache, GMB general secretary
Matt Wrack, FBU general secretary
Mick Cash, RMT general secretary
Malia Bouattia, NUS president
Michelle Stanistreet, NUJ general secretary
Kevin Courtney, NUT general secretary
Sally Hunt, UCU general secretary
Manuel Cortes, TSSA general secretary
Dave Ward, CWU general secretary
Mary Bousted, ATL general secretary
Mark Serwotka, PCS general secretary
Ronnie Draper, BFAWU general secretary
Christine Blower, President, European Trade Union Committee for Education
Paul Mackney, Former UCU general secretary
Asad Rehman, Friends of the Earth
Nick Dearden, Global Justice Now
Kate Hudson, CND
Luke Cooper, Another Europe is Possible
Sujata Aurora, Chair, Grunwick 40 (personal capacity)
Hilary Wainwright, Red Pepper
Mohammed Ateek, Syria Solidarity Campaign
Andrew Burgin, Left Unity
Marina Prentoulis, Syriza (UK)
Sirio Canós Donnay, Podemos (London)
Nicolo Milanese, European Alternatives
Prof Mary Kaldor
Neal Lawson, Compass
Adina Claire, War on Want
Hamza Hamouchene, Algeria Solidarity Campaign
Michael Collins, Right to Remain
Adam Klug, Momentum
Emma Rees, Momentum
Zoe Gardner, Refugee rights campaigner
Michael Chessum, Campaigner and journalist
Andrea Pisauro, Sinistra Ecologia Libertà
Bruce Kent, Pax Christi
Salman Shaheen, Journalist
Gracie Mae Bradley, Against Borders for Children
Hugh Lanning, Alliance of free movement
Neil Faulkner, Archaeologist
Jerome Phelps, Detention Action
Daniel Voskoboynik, This Changes Everything UK
Carolina Gottardo, Director, Latin American Women’s Rights Service
Shaista Aziz, Journalist/Everyday Bigotry Project
David Rosenberg, Jewish Socialist Group
Potent Whisper, Poet
Paula Peters, Disabled People Against Cuts
James Moulding, Newspeak House
Lesbians and Gays Support the Migrants
Liv Wynter, Artist
Liz Fekete, Director, Institute of Race Relations
Gurnik Bains, Founder, Global Future
Gilbert Achcar, Professor of Development Studies and International Relations, SOAS
Denise Dobson, Holler4/Songworks Choir
Kerry Abel, Abortion Rights
This campaign, with a solid list of respected human rights, left-wing, trade union activists, for example, Clive Lewis MP, David Rosenberg, Jewish Socialist Group, Gilbert Achcar, Michael Chessum, Andrew Burgin, Mark Serwotka,Gary Younge, Bianca Jagger, Matt Wrack, FBU general secretary), Hilary Wainwright, Red Pepper, Luke Cooper, Another Europe is Possible, the wonderful Paula Peters, Disabled People Against Cuts, Mohammed Ateek, Syria Solidarity Campaign, and… Owen Jones, deserves our support.
(Not to be confused with….er this: here…….)
Reuters reports (Sunday),
Far-left firebrand Jean-Luc Mélenchon embraced technology during the launch of his presidential campaign at a rally in Lyon on Sunday, with a 3D hologram of him making his speech appearing at the same time at another rally in Paris.
Mélenchon, wearing a Nehru-style jacket, tried to use the hologram technology give a modern look to his launch, which coincided with that of the far-right leader Marine Le Pen.
Jean-Luc Mélenchon opened his meeting, transmitted by hologram to Paris, with a rousing speech. But it was hard to hide that the selection of the radical green socialist, Benoît Hamon as Socialist Party candidate, has created profound difficulties for the leader of La France insoumise.
After Hamon’s victory the French left is divided. While many welcomed the Socialists’ change in direction, for the majority of Ensemble, an alliance of radical left currents and part of the (nearly defunct Front de gauche), Mélenchon remains central to the left’s prospects in France.
On the Ensemble site Roger Martelli writes of the left’s Presidential candidates, (Gauche : et maintenant ?)
Depuis une quinzaine d’années, il est de tous les combats majeurs visant à redonner au peuple sa souveraineté et à la gauche son dynamisme. Son programme, dans la continuité de celui de 2012, reprend la logique « antilibérale » et démocratique qui s’est déployée après le choc de la présidentielle de 2002.
For over 15 years he has been there in all the principal battles which have aimed to return to the people their soveriegnty and to the left its dynamism. His programme, consistent with the (Presidential election) of 2012 (when Mélenchon stood, backed by the Front de gauch left bloc), takes up again the « anti-liberal » and democratic logic used since the shock of the 2002 Presidential elections.
Au fond, Benoît Hamon incarne la continuité d’un Parti socialiste qui a accompagné les reculs successifs d’un socialisme devenu hégémonique au début des années 1980. Jean-Luc Mélenchon ouvre la voie d’une rupture dont toute la gauche pourrait bénéficier.
At root Benoît Hamon embodies continuity with a Parti Socialiste which has, since it became hegemonic since the start of the 1980s, has been marked by a succession of backward steps. Jean-Luc Mélenchon opens up the prospect of a radical break, from which all the left could benefit.
Martelli’s reference to “popular sovereignty” raises perhaps one of the most serious problems about Mélenchon’s campaign. The leader of La France Insoumise is not only concerned with “une majorité populaire à gauche”. Or a ” dose” of populism into the left, to re-occupy the field of social division, with a campaign that can express a radical protest vote.
Another Adieu au Prolétariat.
Mélenchon’s ambitions extend far and wide as he asserts the need to replace the traditional strategies of the left.
In a series of writings he has talked about L’Ère du peuple in (the grandly titled) “époque de l’Anthropocène.” (the ‘new epoch’ in human political geography). In this perspective the old ‘hierarchy’ of struggles, centred on the primacy of the proletariat as a political subject, has been surpassed.
In a short history which takes him from the people as a ” multitude ” (without cohesion), the people/working class, as a demand-making category, we have come to the age of « networks » (réseaux). And, in France, more specifically, as he puts it himself, “réseau de soutien à ma candidature et à son programme”. (Réseaux et mouvements. 7th of January 2017)
The network launched as La France Insoumise is at the core of the electoral and social strategy. Mélenchon is engaged in an explicit effort to capture (in his terms, form), the People, in opposition to the Oligarchy, financial and globalising. It is not shaped only by economic issues, but the with the wider effects of capitalism in society: marginalisation, social division, the long series of cultural contradictions and demands of the diverse oppressed groups. Above all it aims to “net” the concept of the People, and refound the left as a movement capable of structuring it politically as a force for progressive transformation (details of the programme on their site). Membership of what might be called a permanent “rally” does not require payment, only backing.
Supporters put this project in the same political sphere as Podemos, as a movement that aims to expand the field of democratic mobilisation against the political caste (la casta), more commonly called, in French and in English, the elites.
For this venture, which draws on the writings of Ernesto Laclau and Chantal Mouffe, populism is a political logic. The objective is to unify, to create a radical democratic People, not as (it is asserted) through the forms of exclusion and division, between “us”, on ethnicity or nationality and others.
Citizen-Movement and the Leader.
But, as Pierre Khalfa has observed, the “citizen-movement”, La France Insoumise, charged with this objective, organised in hundreds of “groupes d’appui” (support groups) is not democratic in the sense that political parties are – in principle. (Le peuple et le mouvement, est-ce vraiment si simple?). There are no organised confrontations between different currents of opinion; disagreements only arise over applying the ‘line’ in local conditions. There is, in fact,the worst form of Occupy style ‘consensus politics”, ruling out by fait real dissensus, wedded to the decisions of the Chief. It is “JLM who decides”. Or, as Laclau put it, the, “..the “symbolic unification of a group around an individuality” is inherent to the formation of a ‘people’ (Page 100. On Populist Reason 2005. ) (1)
Critics point to the lack of coherence in the definition of the would-be “people” a vast category with many internal conflicts between social groups. They also state that it is also highly unlikely that the ambition to remould populist resentment, expressed and solidly articulated in the Front National’s nationalist attacks on globalisation and a whole range of groups, from Muslims to migrant workers, has struck deep into French political reality. Detaching the ‘floating signifier’ of the People and putting it to a new use is a hard task. It more probable, and Mélenchon’s comments on Europe, migrant labour and the importance of the French ‘nation’, that it will end up more influenced by nationalism than become an alternative to it. Over everything lingers Pierre Khalfa put it the figure of “l’homme providentiel”, the Man of Destiny. (Le populisme de gauche, un oxymore dangereux).
In these conditions it is little wonder that many of the French left are not just wary of Mélenchon, but actively hostile to his entire project.
It is equally not surprising that elsewhere would-be People’s Leaders, like George Galloway in Britain, have warmed to La France Insoumise.
(1)Le peuple et le « mouvement. Jean-Luc Mélenchon (2.11.16. Blog).
“Il n’y a pas de carte. Il ne peut y avoir des cotisations mais seulement des participations financières à l’action c’est-à-dire des dons ou des versements réguliers pendant la durée de celle-ci. Il n’y a pas d’autre discipline que celle de l’action, c’est-à-dire celle que chacun s’impose dans l’action individuelle ou collective.” In other words, la France Insoumise is devoted to the “action” of getting votes.
Populists High on the Hog.
From the vantage point of the left, from liberals to socialists, Donald Trump is a ‘truth’, a reality, the “actuality of the populist revolution” that is hard to grapple with. The thousands who demonstrated against his Muslim/Visa Ban in London on Saturday, (40,000 to the organisers, 10,000 to everybody else), and the anti-Trump protests across the country, express heartfelt outrage at the US President’s xenophobic measures. It is to be hoped that they continue in the event of a Trump State visit to Britain. But beyond our backing for the worldwide campaigns against the new President the nature and destination of his politics needs serious reflection and debate.
In What is Populism? (2016) Jan-Werner Müller described modern populism as a “moralistic imagination of politics”. Müller’s description is tailor-made, not only for populist protest, the indignation at the ‘elites’, the neglect of “hard-working people” and respect for those who are “more ordinary” than others that marks UKIP and the galaxy of the Continental radical right.
But, What is Populism? argues, it is not just that for populists “only some of the people are really the people”. Trump has passed from the idea that his election represents the will of the ‘real’ American people, a claim to sovereignty that overrides any consideration of the plurality of the electing body, to efforts to bring the sovereignty of law to heel. In this case, the emerging political model, is an alternative to the ‘non-adversarial” consensus in ‘liberal’ democracies.
But Trump’s triumph is very far from a mobilisation against the “élitocratie” favoured by supporters of ‘left populist’ anticapitalism, through grassroots movements involving forces capable of giving voice and a progressive slant to demands for popular sovereignty.
It is an illiberal democracy.
Müller predicts that in power,
..with their basic commitment to the idea that only they represented the people”. Once installed in office, “they will engage in occupying the state mass clientelism and corruption, and the suppression of anything like a critical civil society. (Page 102)
This looks a good description of Trump’s first weeks in office.
Nick Cohen has warned that the British Conservatives have not only failed to stand up the British Populists but forces may lead some of them to shift in the same direction (What has become of conservatism? Observer. 2911.17)
Populist Calls to Break up the EU.
After Brexit, Trump’s victory has reverberated in the democratic left as warning that, for some, that the left, from its ‘liberal’ US version to our socialist and social democratic culture, has lost touch with ‘ordinary people’. A rapid response has been to advocate some kind of ‘left populism’. For the moment the prospect of a left-wing populism in Britain looks reduced to making appeals to the ‘people’ against the Tory and financial elite. Or to put it simply, using the term as a way of looking for popular support on issues which play well with the electorate. A more developed tool-box approach, perhaps best mirrored in the efforts of the French Presidential candidate Jean-Luc Mélenchon to stand up for La France insoumise, ends up with precisely the problem of illiberal democracy sketched above.
This can be seen in the demand, formally announced today, by the French Front National, to prepare for what Marine le Pen has called ‘Frexit’. That is for a process which, if she wins power in the April-May Presidential elections, begins with renegotiating European Treaties, proceeds to France dropping the Euro, and ends with a referendum on leaving the European Union (Marine Le Pen promises Frexit referendum if she wins presidency).
Organising and supporting the anti-Trump demonstration were a number of individuals and organisations (Counterfire, SWP, Socialist Party) that backed Brexit. Trump is famous for his support for Brexit. It is alleged that Ted Malloch, who wishes the “break up of the EU” is waging a campaign to become Trump’s Ambassador to the European Union (Patrick Wintour. Guardian. 4.2.17).
Trump is said to be “cheering on” the populist forces in Europe. While not supporting UKIP the British ‘left’ supporters of Brexit cast their ballot in the same way to leave the EU. The results of the Referendum, it need hardly be said, are probably the best example of the failure of the left to ‘channel’ populism in its direction
Will these forces also welcome the “break up” of the EU? Would they back Frexit? An indication that they might well do comes from the strong support and attendance of Trade Unionists Against the EU at the ‘Internationalist’ Rally last year (May 28th Pour le Brexit) organised by the pro-Frexit Trotskyist sect, the Parti Ouvrier Indépendant Démocratique.(1)
If they take this stand, and these groups have to have views on every EU issue, regardless of ‘sovereignty;’ a part of the British left is in letting itself in for some major difficulties. In What is Populism? Müller asked, by placing the construction of the “people” against the “market people” – or the People against the European Union ‘neo-liberal superpower – will this “import the problems of a genuinely populist conception of politics? “ (Page 98)
The sovereigntist ideal of the Front National is quite clear about defining who the French ‘people’ are; it even intends to give them preference in jobs (préférence nationale).
What kind of ‘construction’ of the People around what Laclau has dubbed On Populist Reason (2005) as an “us” opposed to an (elite) “them” is that?
This indicates the kind of action Marine Le Pen takes against critics (the journalist asks her about employing her thuggish bodyguards as “Parliamentary Assistants” on the EU Payroll.
(1) “quitter l’Union Européenne” Wikipedia. More details in the Tribune des Travailleurs on the ‘Constituent Assembly’which will carry out this process. Mouvement pour la rupture avec l’UE et la 5e République
Owen Jones, “not taking part in Trump Demo because of leading role of the SWP in it, a cult which covered up rape.”
People who follow these things may have noticed an angry exchange between Lindsey German and comrade Owen Jones over the Trump protests.
As I have no wish to offered comrade Owen, who deleted the remarks, but did not protest at people mentioning it (despite opportunity to do so) I shall not paste it.
People who follow these things may have also noticed that yesterday there were two letters in the Guardian protesting against Trump’s planned visit to the UK.
One was headed by Owen’s name, it included Ed Miliband, senior trade union figures and human rights campaigners, prominent Momentum figures and people from respected left groups, such as Left Unity.
The other, well, let’s just say that it also included respected figures from the union movement and human rights campaigner, and… Lindsey German and organisations in which her groupuscule play a considerable part, the Stop the War Coalition and the remains of the People’s Assembly. Another organisation’s supporters, Stand up to Racism, best known for the SWP’s involvement, featured. And Islamist organisations, such as the Muslim Association of Britain. (1)
Momentum meanwhile has advertised the London Demo without mentioning the various fronts, groups claiming to represent the Muslim community, and others, behind the demonstration.
It simply says this: ” JOIN THE MARCH TO STOP TRUMP THIS SATURDAY
If you’re in London, join the march to Stop Trump’s Muslim Ban this Saturday, 4th February, from the US Embassy to Downing Street. The Momentum and Labour Assembly Against Austerity bloc will meet at 11am at 24 Grosvenor Square, London W1A 2LQ. Check out the Facebook Event for more information.
Momentum is in the right direction.
Protesting against Trump is very important, welcome, and needed.
But we don’t we don’t want to be caught up in the manipulative and dead-end politics of the likes of the SWP or Counterfire (both strong backers of the Brexit that Trump welcomes), the StWC (who oppose any interference in the sovereign politics of Syria) still less MAB and its cohorts.
Now this bombshell comes:
(1) “MAB first started working with the StWC in 2002 when they agreed to join together a demonstration they had planned to mark the anniversary of the Second Palestinian Intifada with a demonstration StWC had planned against the looming Iraq war at the opening of the Labour party. The march took place under the dual slogans ‘Don’t attack Iraq‘ and ‘Freedom for Palestine‘. According to Altikriti, MAB ‘spoke to Stop the War and we said to them, we will join you; however we will not become part of your coalition, we will be a separate and independent entity but we will work together with you on a national basis as part of the anti-war movement’. This reassured MAB that it would not ‘melt into that big coalition’  that was known to be led by the Left. They would remain a distinct and autonomous bloc, able to shape the agenda. Altikriti and others in the MAB leadership were working to persuade members that collaboration with non-Muslim anti-war activists was halal (religiously permissible) and that it was within the remit of their organisation. Their argument was that, if gender-segregated spaces and halal food could be provided at meetings, demonstrations and other events, then Muslims could participate in the anti-war movements without being assimilated”
More on Wikipedia.
Galloway with old Stop the War Coalition Friends: John and Lindsey.
Where are George’s friends now when he’s down on his uppers?
It seems like only yesterday: Respect (a “Zionist–free party” according to National Council member Yvonne Ridley), MP for Benthal Green and Bow, MP for Bradford West, Big Brother, employment for the prestigious Iranian state Press TV, and campaigning for Brexit with one the world’s top politicians, Nigel Farage.
Now George Galloway is alone, terribly alone.
Orbiting the world on Sputnik TV.
Reduced to trying to offload copies of his remaindered DVD, Kevin, Perry, George and Tony Blair Go Large, to The Works.
With his memories, and his Twitter account.
The least the Stop the War Coalition (StWC) could do is to offer George back his usual platform on the London demonstration this coming Saturday.
This does not seem probable.
Mad leading Ipswich Tory Kev comments, “Well Said George Galloway!“
Our old friend Galloway, fresh from his triumph as top man of the Brexit ‘left’ and leading light in the Stop the War Coalition, has taken to re-tweeting Brendan O’Neill (Spiked-on-Line), and Piers Morgan in defence of his new man-crush – Donald Trump.
These are some more of the Great Man’s latest personal Tweets:
Trump and His Blessed Friend.
Before the UK EU Referendum the Editor of New Left Review wrote,
…a vote to remain, whatever its motivation, will function in this context as a vote for a British establishment that has long channelled Washington’s demands into the Brussels negotiating chambers, scotching hopes for a ‘social Europe’ since the Single European Act of 1986. A Leave vote would be a salutary shock to this trans-Atlantic oligopoly. It would not bring about a new golden age of national sovereignty, as Labour, Tory and UKIP Brexiters like to claim; decision-making would remain subordinate to Atlanticist structures. It would certainly involve a dip in GDP—around 3 per cent, on the most plausible estimates, so smaller than the contraction of 2009. But the knock-on effects of a leave vote could be largely positive: disarray, and probably a split, in the Conservative Party; preparations in Scotland for a new independence ballot.
Susan Watkins Oppositions. New Left Review. No 98. March-April 2016.
Immediately after the result Watkins’ partner Tariq Ali, who had campaigned for a Leave vote with an array of groupuscules, stated this to Tele Sur (a multi-state funded pan–Latin American terrestrial and satellite television sponsored by the governments of Venezuela, Cuba, Ecuador, Nicaragua, Uruguay and Bolivia that is headquartered in Caracas Venezuela, about which little needs to be added…)
British-Pakistani intellectual, writer and journalist, Tariq Ali, told teleSUR on Friday that the majority of British voters gave the EU “a big kick in its backside,” explaining that the majority of working class “leave” voters felt that overall the EU did not benefit them, was undemocratic and an organization for the rich and the banks.
Ali lamented the fact that “right-wing “leave” supporters used xenophobia and racism to attack refugees and migrants.”
His principal suggestion, however, was that there should be ” new elections, because we want a newly-elected government to carry through the negotiations—hopefully a Labour government under Jeremy Corbyn and not some wing of the Conservative Party.”
Alas, there were no new elections and Corbyn did not form a Labour government.
In her analysis of the result Susan Watkins concluded (Casting off ? NLR 100, July August 2016)
For now, though, it is plain that Blairized Britain has taken a hit, as has the Hayekianized eu. Critics of the neoliberal order have no reason to regret these knocks to it, against which the entire global establishment—Obama to Abe, Merkel to Modi, Juncker to Xi—has inveighed. Which will ultimately prove more important, and what the side-effects of each will be, remains to be seen.
Ali at least appears to be one of those who consider that Trump’s victory was in part a result of opposition to this ‘neo-liberal order’.
This is a transcription of some of Ali’s words in a video talk about Trump.
A very deep cancer at the heart of modern liberalism today that since the 90s since the birth and emergence of this particular form of capitalism under which we live and which is referred to as neo-liberalism to give a new tag, but which is capitalism all the same, and which is concerned with making profits but nowadays concerned with making profits with no regard for people who are less well off… And so they imagine living in an insider bubble, cocooned from reality that they can get away with it endlessly. Well what the Trump triumph unprecedented in the 20th and 21st century reveals is that you can’t get away with it all the time.”
The idea that because people have become unhappy with the results of ‘globalisation’ or ‘neo-liberalism’ that they vote ‘populist’ (heavily inflected by the nationalist defence of the ‘people’ not just against elites but against other nations) is so well-worn that it operates as en excuse for considering anything more than the origins of this discontent. Watkins’ account of the Brexit ballot is a long and contentious essay on this theme.
If there’s any political thrust to this stand it’s as if there’s a healthy push to protest against the market, and the left’s task is to give it an extra shove.
Thinking about where the urge is going to end up once it gets into the political system is ignored.
Watkins and Ali are only some of the apparently left-wing people who failed to think through the consequences of their call for Brexit : what would happen after leaving the EU “Neo-liberal” framework (a gross simplification that ignores the weight of EU regulation) in a world dominated by large large capitalist powers.
The biggest capitalist power, the USA, is now in the hands of somebody who, whatever the motives of his supporters, who is pretty sure that Brexit is good news for his turn to an America First planet.
We await a response to the new shape of the “trans-Atlantic oligopoly” from the pro-Brexit left’s “insider bubble”.
He vowed to do a free trade deal with Britain, while attacking the European Union – which he described as “the consortium” – for making it hard for companies to do business.
Mr Trump said that the people of Britain voted for Brexit because “people want to know who is coming into their country and have control of trade”.
Then there’s this:
Brexit Good for Terra Firma, Bad for Most People, Hands Says (22nd of January, Bloomberg Markets).
The U.K.’s decision to leave the European Union is going to lead to dramatic changes in the way the country’s economy operates, which could create opportunities for a firm like Terra Firma Capital Partners, Chairman Guy Hands said.
The country will have to get rid of much of its social safety net and may see a 30 percent decline in wages in real terms in the next 20 years to enable it to compete outside of Europe, Hands said in an interview on Bloomberg Television. Debt will command higher interest rates as more risk is ascribed to an independent U.K., and immigrants from Europe will be replaced with workers from the Indian subcontinent and Africa, who may be willing to accept “substantially” lower pay, he said.
Still, ultimately, the exit will be a good thing for the economy, Hands said.
No doubt the pro-Brexit left imagine that this will all melt away with some big demonstrations and other protests culminating in a left ‘populism’.
There are few signs of anything with this degree of coherence or support emerging in the UK in the immediate future.
There is no sign that a force of this nature, based solely in Britain, outside the institutions in which the majority of the European Left operate, the EU, could stand up for a progressive model to oppose to Trump and his Tory friends.