From John Nelson's (Chairman of Lloyd's, 2011-2017) letter to the Financial Times today:
"Never in over 50 years of working life have I seen the UK facing such an abject future, caused by the complete failure of our political establishment to govern, to communicate clearly with the public and, most importantly, to be honest with the electorate. We have many senior politicians who are seemingly consumed with their own ambition and vanity, with little regard for the best interests of the country.
It is clear that either a negotiated settlement along the lines of the Chequers agreement or an exit from the EU with no deal are both going to result in the UK becoming a much poorer and less influential country than anybody was led to believe during the appallingly conducted referendum campaign.
As a businessman, recently retired as chairman of Lloyd’s of London, I can see all too clearly the consequences for the economy, for employment and for the provision of basic services.
Apart from the effect on manufacturing industry and the services sector (the latter being sacrificed by the government on the altar of Brexit), there will be disruption to the provision of basic public services such as agriculture, healthcare and air transport.
We are constantly being told by the Brexiters it will all be fine. We will keep our sovereignty and we will be able to negotiate our own trade deals with ease. This is fanciful. Lloyd’s is the most global of all British institutions. Personal experience tells me that negotiating overseas rights is a long and painful process. If we are trying to do it as a small economy, the leverage we have is limited and far less than operating as a trade bloc, which is the EU. We would lose all the EU trading rights with third countries.
It is also worth remembering that 44 per cent of our trade is with the EU. The great majority of UK economy is in the services sector — financial services alone contribute 12 per cent of gross domestic product.
I agree with many of the warning comments made in recent weeks by many business leaders. But almost all of these comments are coming from overseas businesses. It is high time that UK business spoke up and galvanised the public to understand the true realities of what the country is facing. There also appears to be a silent majority of MPs from each of the major parties who seem terrified of putting their head above the parapet. They need to co-operate, or even coalesce, to provide the public with sensible government.
The case for remaining in the EU needs to be restated and contrasted with the now much clearer alternative. Membership of the EU has drawbacks, but overall the benefits in terms of trade, security and fellowship overwhelm the narrow shortsighted nationalism espoused by those who wish to return to an Edwardian age.
Of course there needs to be a second referendum once the route we are pursuing becomes clear. That route will bear no resemblance to the picture painted by our politicians at the time of the first one.
John Nelson
Chairman, Lloyd’s of London 2011-17"
I'm only delivering the message ... :UKflag:
... so the fact that I and many others agree with him is irrelevant!
BTW, the GB Pound Tourist Rate is currently £1 = €1.0928 - oh yippee, that's great for the Holiday Season eh?
It has improved by €0.0028 in the last 24 hours - which is enough to stop me turning to drink!
"Never in over 50 years of working life have I seen the UK facing such an abject future, caused by the complete failure of our political establishment to govern, to communicate clearly with the public and, most importantly, to be honest with the electorate. We have many senior politicians who are seemingly consumed with their own ambition and vanity, with little regard for the best interests of the country.
It is clear that either a negotiated settlement along the lines of the Chequers agreement or an exit from the EU with no deal are both going to result in the UK becoming a much poorer and less influential country than anybody was led to believe during the appallingly conducted referendum campaign.
As a businessman, recently retired as chairman of Lloyd’s of London, I can see all too clearly the consequences for the economy, for employment and for the provision of basic services.
Apart from the effect on manufacturing industry and the services sector (the latter being sacrificed by the government on the altar of Brexit), there will be disruption to the provision of basic public services such as agriculture, healthcare and air transport.
We are constantly being told by the Brexiters it will all be fine. We will keep our sovereignty and we will be able to negotiate our own trade deals with ease. This is fanciful. Lloyd’s is the most global of all British institutions. Personal experience tells me that negotiating overseas rights is a long and painful process. If we are trying to do it as a small economy, the leverage we have is limited and far less than operating as a trade bloc, which is the EU. We would lose all the EU trading rights with third countries.
It is also worth remembering that 44 per cent of our trade is with the EU. The great majority of UK economy is in the services sector — financial services alone contribute 12 per cent of gross domestic product.
I agree with many of the warning comments made in recent weeks by many business leaders. But almost all of these comments are coming from overseas businesses. It is high time that UK business spoke up and galvanised the public to understand the true realities of what the country is facing. There also appears to be a silent majority of MPs from each of the major parties who seem terrified of putting their head above the parapet. They need to co-operate, or even coalesce, to provide the public with sensible government.
The case for remaining in the EU needs to be restated and contrasted with the now much clearer alternative. Membership of the EU has drawbacks, but overall the benefits in terms of trade, security and fellowship overwhelm the narrow shortsighted nationalism espoused by those who wish to return to an Edwardian age.
Of course there needs to be a second referendum once the route we are pursuing becomes clear. That route will bear no resemblance to the picture painted by our politicians at the time of the first one.
John Nelson
Chairman, Lloyd’s of London 2011-17"
I'm only delivering the message ... :UKflag:
... so the fact that I and many others agree with him is irrelevant!
BTW, the GB Pound Tourist Rate is currently £1 = €1.0928 - oh yippee, that's great for the Holiday Season eh?
It has improved by €0.0028 in the last 24 hours - which is enough to stop me turning to drink!
