Category Archives: Brexit

Theres an old political joke where a soul is asked to choose between heaven and hell and is given a trial run in each. Down in hell, hes shown around what amounts to the best country club in the world, plays a few holes of golf with Beelzebub, is served fine venison, and washes it down with long-vanished Bordeaux vintages in a tte--tte with the devil himself. Preferring this to sitting on clouds listening to lyre music surrounded by winged toddlers, he chooses hell, only to be thrust into a fire pit, watching his best friend be flayed alive by a pair of oversized demons. What happened to the country club, he asks? Satan wastes no time in putting the poor soul right: Then, we were campaigning. Now, were governing.

As prime minister, Boris Johnson gave Britain a government that ended up on the lower end of purgatorycloser to the decaying end of a dictatorship, with sex predators being appointed to positions of authority, admissions of mysterious visits to supposedly former KGB agents villas, $1,000 rolls of wallpaper, and attempts to extort a $180,000 treehouse for his latest son, all against the background of a once-in-a-century pandemic and the most serious war in Europe since 1945.

The war and pandemic were of course outside his control. Brexit, however, is his responsibility. His decision to campaign for Britain to leave the European Union (he notoriously wrote a pro-Remain and a pro-Leave article before deciding to publish the second) is credited with giving it the 52 percent needed for victory. His takeover of the Conservative Party, ruthless purge of moderate Tories (including even Charles Wellesley, the Duke of Wellington, as well as Winston Churchills grandson Nicholas Soames), and decisive victory in the 2019 general election enabled him to get an agreement acceptable to the EU through Britains Parliament.

Theres an old political joke where a soul is asked to choose between heaven and hell and is given a trial run in each. Down in hell, hes shown around what amounts to the best country club in the world, plays a few holes of golf with Beelzebub, is served fine venison, and washes it down with long-vanished Bordeaux vintages in a tte--tte with the devil himself. Preferring this to sitting on clouds listening to lyre music surrounded by winged toddlers, he chooses hell, only to be thrust into a fire pit, watching his best friend be flayed alive by a pair of oversized demons. What happened to the country club, he asks? Satan wastes no time in putting the poor soul right: Then, we were campaigning. Now, were governing.

As prime minister, Boris Johnson gave Britain a government that ended up on the lower end of purgatorycloser to the decaying end of a dictatorship, with sex predators being appointed to positions of authority, admissions of mysterious visits to supposedly former KGB agents villas, $1,000 rolls of wallpaper, and attempts to extort a $180,000 treehouse for his latest son, all against the background of a once-in-a-century pandemic and the most serious war in Europe since 1945.

The war and pandemic were of course outside his control. Brexit, however, is his responsibility. His decision to campaign for Britain to leave the European Union (he notoriously wrote a pro-Remain and a pro-Leave article before deciding to publish the second) is credited with giving it the 52 percent needed for victory. His takeover of the Conservative Party, ruthless purge of moderate Tories (including even Charles Wellesley, the Duke of Wellington, as well as Winston Churchills grandson Nicholas Soames), and decisive victory in the 2019 general election enabled him to get an agreement acceptable to the EU through Britains Parliament.

Unlike his predecessor Theresa Mays deal, which sought to avoid the need for a trade and customs border between Northern Ireland and the Republic of Ireland, and included arrangements for security cooperation, Johnsons required checks on goods traded between the island of Great Britain and Northern Ireland. Johnson, however, sought later to renege on his own deal and the Northern Ireland Protocol that gives it legal force, going so far as to introduce a bill that would give British ministers the power to unilaterally violate the protocol.

Yet there is a fundamental difference between getting Brexit to happen and ensuring it sticks. Johnsons idea of Brexit, famously summed up as pro having [cake] and pro eating it, has run up against its own impossibility and the incompetence with which it has been implemented. Six years after the vote, 53 percent of British voters think they were wrong to leave the EU, and only 35 percent say that the decision was right.

The Tories are behind in the polls, and though some of that is due to Johnsons now tarnished brand, they are also suffering from being in power for 12 years and from an adverse economic climate. In addition, Keir Starmer, who leads the opposition Labour Party, has detoxified his party so that the worst people say about him is that hes boring, while the third party, the Liberal Democrats, have become acceptable to left-leaning voters no longer put off by their time in government with the Tories between 2010 and 2015, while at the same time winning over the support of more pro-European former Tory voters.

This means that while Britains majoritarian system usually gives the party that can assemble around 40 percent of the vote a parliamentary majority, tactical votingin which voters choose the candidate most likely to defeat the one they like least rather than the one they support the mostagainst Conservatives has returned.

The approximately 60 percent of the vote now shared by Labour, Greens, and Liberal Democrats is likely to be more concentrated on the candidates most likely to defeat Tory incumbents. Setting aside Scottish National Party support for the moment, current polling would produce a Labour governmentsupported by the Liberal Democratswith a very slim majority. Such a government would probably change the electoral system to a form of proportional representation, making the Tories Brexit-reconciled coalition of voters unviable.

Now that pragmatic former soldier Tom Tugendhat has been eliminated from the Tory leadership contest, voters are likely to hear even less discussion about how to make the best of Brexit and even more determination to be tough on Brussels as the remaining candidates compete for the support of mostly anti-European party members. Yet, the route to Conservative success in the next election consists of more Brexit pragmatism, not less.

Current Tory support is vulnerable on two flanks. The red wall of Northern English seats formerly held by Labour and the blue wall of long-standing Tory seats in wealthy southern counties are both under threatfrom Labour in the north and the resurrected Liberal Democrats in the south. Red wall voters who switched to the Tories support Brexit but are vulnerable to economic shocks. The blue wall voters whom the Liberal Democrats are trying to poach opposed Brexit but have an economic interest in Tory government: They are generally affluent and support low taxes, low regulation, and other economically right-wing policies.

The main effect of Brexit has been to damage manufacturing on the island of Great Britain, which is no longer able to participate in Europe-wide supply chains. According to an economic analysis by the Centre for European Reform, the goods trade is down 14 percent, adding a further Brexit shock to inflation caused by energy price rises and the waning of the COVID-19 pandemic. U.K. inflation is expected to peak at 11 percent this year, compared to 7 percent inside the eurozone.

This crunchhigher prices and lower outputdisproportionately hits areas in the so-called red wall of parliamentary seats in the Midlands and North of England where the Tories picked up seats from Labour in 2017 and 2019.

The blue wall in South East England depends more heavily on services, which escaped a Brexit hit (the Centre for European Reform analysis tentatively concludes that services trade has gone up since), and it is populated by Remainers who are nevertheless reconciled to Brexit, provided their prosperity is maintained.

Figures from Northern Ireland suggest a way forward. The Northern Ireland Protocol gives Northern Irelands businesses access to both the U.K. and EU goods markets, and it has led to the region having the strongest growth of all (apart from London), a change from years of decline relative to the rest of the United Kingdom.

The protocols direct extension to the whole of the U.K. (which would essentially be the same as Mays failed Brexit deal) would revitalize U.K. manufacturing in the red wall, eliminating many trade barriers with the EU, and allowing U.K. manufacturers to take part in European supply chains again, while reassuring blue wall voters that Brexit is being pursued with an eye to pragmatism. It would also alleviate the fears of unionists in Northern Ireland (the mostly Protestant political community in Northern Ireland that wants to stay part of the U.K.), who would then have exactly the same relationship with the EU as the rest of the U.K.

Formal endorsement of Mays approach to Brexit is of course far too pragmatic for the current Conservative Party. The short period devoted to the Tory leadership racein which candidates compete for the votes of Tory members of Parliament, then of party membersdoes not offer the chance to develop such a radical argument.

But its spiritengaging with the needs of the manufacturing-centered economy of the red wall, adopting a pragmatic stance to keep the blue wall on their side, and extending the provisions of the Northern Ireland Protocol to the rest of the U.K. in order to reassure unionistsoffers the best route to Conservative victory in the next election. It would be their best option for preventing a Labour-Liberal Democrat government that would enact electoral reform, free Labour from its dependence on Euroskeptic red wall seats, and keep the Tories out of power for long enough to undo Brexit altogether.

Like Dante, the Conservative Party has been offered a glimpse of the underworld by Johnsons mismanagement of Brexit. Returning to Mays deal offers the chance to escape permanent confinement there.

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Boris Johnson's Fall Gives Brexit a Chance to Succeed - Foreign Policy

Conservative leadership hopeful Liz Truss has claimed that the unresolved row with the EU over the Northern Ireland Protocol shows how she gets stuff done.

The foreign secretary pointed to the current dispute over Brexit as an example of her delivery despite her failure to reach a deal with Brussels on after several months of negotiations.

Ive shown I can get things done, she told BBC Radio 4s Today programme. Whether its sorting out the issues with the Northern Ireland Protocol to make sure we deliver the full opportunities of Brexit, I can get stuff done.

In her first full interview of the campaign, Ms Truss also shared her regret over her backing the Leave campaign in 2016 and claimed Brexit had been a success. I fully embraced the choice the people of Britain made, she said.

Reminded that she had predicted that Brexit would mean less trade, slashed investment and fewer jobs, Truss replied: I was wrong and Im fully prepared to admit I was wrong.

The foreign secretary added: The portents of doom didnt happen. Instead, weve unleashed new opportunities. And I was one of the leading figures driving those opportunities.

Ms Trusss attempt to tear up parts of the Brexit withdrawal dealin defiance of the EU have moved closer to becoming law, after the Northern IrelandProtocolBill cleared the Commons on Wednesday night.

But peers are expected to contest parts of the Bill, and leading figures in Brussels have warned in recent days that it could put the UK and the EU on course for a trade war.

Truss the bookmakers favourite to be the next PM also said she would bulldoze down opposition to her ideas and take on the Whitehall machine, as she positioned herself as more radical than rival Rishi Sunak.

I think every day when I get up in the morning, What can I do to change things? she said. Im impelled to do that. I am pretty hard working, pretty direct. And I will bulldoze through, frankly, the things that need to get done.

Defending her plan to cut taxes immediately, Ms Truss also pledged to wage an ongoing battle the Treasury if she makes to No 10. The Treasury do have an economic orthodoxy. They do resist change.

The foreign secretary said Sunak had pushed Britain in the wrong direction on taxation, and she would swiftly axe his National Insurance rise if she becomes PM.

She admitted her plan to cut taxes would cost at least over 30bn a year. About if it would cost about 38bn, as some have estimated, Truss said: Id say thats slightly high but its around that figure

But she insisted tax cuts would boost growth, and rejected widespread warnings that her cuts would fuel inflation. My tax cuts will decrease inflation Its not a gamble.

Asked to name the leading economists who agreed with her approach to tax, she named the right-wing Brexiteer Patrick Minford.

Ms Truss also denied modelling herself on Margaret Thatcher. I dont accept that. Im my own person. Im from a different background.

The Tory hopeful defended her backing for the Liberal Democrats as a student, saying her political views had developed over the years.

She also defended her loyalty to Boris Johnson in a later interview, telling GB News she wanted him to stay Boris admitted he made mistakes, she also told Today. But the positive side of the balance sheet is extremely positive.

Truss said she would be happy to serve under Sunak if he wins the Tory leadership contest. She also hinted at jobs for Sunak and rivals if she wins the race to No 10.

Weve had fantastic candidates present themselves, like Penny, Kemi, Tom Tugendhat and Rishi, and we need to make sure that those talents are being fully used, she told GB News.

Truss and Sunak will try to win over the support of local politicians on Thursday morning when they take part in a private hustings for the Conservative Councillors Association.

They will then tour the UK to take part in 12 hustings for the Tory members who will vote for their next leader, with the result being announced on 5 September.

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Liz Truss claims unresolved Brexit row with EU shows she gets stuff done - The Independent

The number of British acts appearing on the bill at European festivals has fallen by almost half post-Brexit, according to new research.

Campaign group Best For Britain which is pushing for closer relationships with Europe and the world shared the figures today (July 21). They showed that the number of British artists scheduled to perform in Europe as part of this years festival season had decreased by 45 per cent when compared to 2017-2019 (pre-Brexit).

Naomi Smith, CEO of Best For Britain, explained of the findings: The Beatles famously made their name in Europe and its on tour that many musicians gain the formative experiences and audiences they need to take off.

With their dud Brexit deal, our lame duck Government has not only robbed emerging British talent of these opportunities abroad, but has also made international acts think twice before including Glasgow or London in their European tours.

Chief Executive of the Incorporated Society of Musicians and UK Trade and Business Commissioner, Deborah Annetts, added: Previous witnesses to our commission have described how, if youre a festival organiser in Barcelona who needs to fill a last-minute slot, British bands will be at the bottom of your list due to new barriers created by this botched Brexit deal.

Whoever ends up replacing Boris Johnson must commit to removing this needless bureaucracy which is stifling the prosperity and creativity of the next generation of British musicians.

Protestors demonstrate against Brexit CREDIT: Getty Images

Earlier this year, artists, management and politicians spoke to NME about the ongoing issues of performing live in Europe post-Brexit.

It came over one year on fromthe music industry essentially being handed a No Deal Brexit when the UK governmentfailed tonegotiate visa-free travel and Europe-wide work permits for musicians and crew. As a result, artists attempting to hit the road again after COVID found themselves on the predicted rocky road for the first summer of European touring after Britain left the EU.

White Lies were forced to cancel the opening night of their 2022 European tour in Paris this April due to Brexit legislation causing their equipment to be held up for two days. The bands drummer Jack Lawrence-Brown told NME that the situation was incredibly frustrating.

Wed done our best to ensure that wed be prepared in any circumstance, he said. Its very frustrating when you prepare for as long as we have to then rock up to the first venue and find that your equipment has been stuck in a 25 mile-long queue on the M20 through not fault of your own, and no fault of the trucking company either.

It wasnt the plan that wed worked hard to get right.

Lawrence-Brown largely blamed Brexit-related red tape regarding visas and carnets (a document detailing what goods and equipment are being taken across borders) for the setback.

White Lies. CREDIT: Charles Cave

Prior to Brexit, this kind of tailback was never an issue, he told NME. Theres now a huge amount of paperwork for bands to deal with if they want to get themselves into Europe.

In January 2021, European festival bosses expressed their concerns over Brexit potentially preventing many UK acts from being booked to play live events on the continent.

Eric Van Eerdenburg, the director of Lowlands Festival in the Netherlands, told NME that the additional costs and requirements needed to tour in Europe would prove horrible and very limiting for UK artists.

The new findings from Best For Britain came ahead of todays cross-party UK Trade and Business Commission. It is taking evidence related to the post-Brexit challenges facing the UK music industry during the first festival without COVID-enforced restrictions.

Meanwhile, Elton John has warned that smaller, less established UK acts risk being stranded in Dover if Brexit-related travel issues are not resolved with the European Union (via Sky News).

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Brexit: Bookings of UK acts at European festivals have fallen by 45 per cent - NME

LONDON, July 19 (Reuters) - British financial regulators will have to promote the global competitiveness of the country's financial sector, though a plan for more government oversight of their work has been put on hold for now, finance minister Nadhim Zahawi said on Tuesday.

Zahawi confirmed that a long-awaited financial services and markets bill would be introduced before parliament on Wednesday to "capitalise on the benefits of Brexit and transform the UK financial services sector".

Bankers have been calling for speedy reforms to bolster London's attractiveness as a global centre for finance after Britain's departure from the European Union.

Register

Amsterdam has already overtaken London as Europe's top share trading centre, prompting Britain to ease listing rules as it tries to persuade chip designer Arm to have a London listing.

Zahawi said the bill, which includes cutting "excessive" capital buffers at insurers to invest in infrastructure, would unlock "tens of billions of pounds", a step which pits it against a more cautious Bank of England.

The bill also cracks down on financial scams, ensuring vulnerable people and rural areas have access to cash, and introduces rules for using stablecoins, a type of cryptoasset, for payments.

"Consumers will remain protected, with legislation ensuring that victims of scams can be compensated while also acting to protect access to cash for the millions of people that rely on it," Zahawi told guests at the City of London's annual Mansion House dinner in the historic financial district.

Britain's Payment Systems Regulator will have powers to reimburse victims of so-called authorised push payment fraud, when fraudsters deceive people into sending them money online.

Regulators like the Bank of England and Financial Conduct Authority will be given a secondary objective to promote the global competitiveness of the financial sector, a requirement many regulators across the world already face.

Nevertheless, some lawmakers fear this could herald a return to the type of light-touch regulation which ended with banks being bailed out in the financial crisis. Zahawi said the new objective would be "unambiguously" secondary to maintaining financial stability and protecting consumers.

Part of the bill shifts laws inherited from the EU to the rulebooks of British regulators, making it easier to amend them in future but also giving the watchdogs far more influence at the expense of parliament.

As a counterbalance, the finance ministry had flagged it could grant itself "call-in" powers to tell regulators to review a rule, if it believed that would be in the public interest.

Lawmakers have said this should be done sparingly, and Bank of England Governor Andrew Bailey warned last week the independence of regulators was part of London's standing as a global financial centre.

Zahawi said call-in powers would not be in the bill, indicating a more cautious approach. "I want time to consider all the arguments before making such an important decision."

Caroline Wagstaff, chief executive of the London Market Group, which represents the insurance market, said the new financial services bill would boost the sector only if the competitiveness objective for regulators had real teeth.

"The bill absolutely must contain sufficient detail on how the regulators will be held to account on the issue of competitiveness or it will not achieve the regulatory culture change we need, and it will just be words on a page," Wagstaff said.

Vincent Keaveny, Lord Mayor of the City of London, said a clear commitment is needed on setting out how regulators will focus more on competitiveness, but a "bonfire of regulation" would damage the sector's international reputation.

A government-sponsored review on Tuesday set out recommendations to speed up how listed companies can tap markets for extra funding, and Zahawi said all of them have been accepted by the government. read more

A new digitisation taskforce, chaired by former HSBC chair Douglas Flint, will drive modernisation in owning shares by eliminating paper certificates.

The government will also streamline the capital raising process by reforming the Companies Act to accelerate rights issues and the processes around them, Zahawi said.

The first annual "State of the Sector" will be published on Wednesday to affirm the government's "vision for the sector".

Register

Additional reporting by David Milliken; Editing by Chizu Nomiyama and Jonathan Oatis

Our Standards: The Thomson Reuters Trust Principles.

Excerpt from:

Britain kicks off post-Brexit 'transformation' of finance - Reuters

LONDON Hes the millionaire ex-chancellor who loves small states and sound money; the Brexit-voting former hedge fund boss who attended one of Englands most exclusive fee-paying schools.

Yet in the frenzied race to replace Boris Johnson as U.K. prime minister, its Rishi Sunak who now finds himself painted as the high tax, pro-EU candidate of the Tory left.

Its been quite a ride for a man described only four months ago as a Thatcherite in trainers by the left-leaning Guardian newspaper.

Rishi blasted on socialist taxes, the front page of the right-wing Daily Mail screamed last week, promoting an op-ed article from Johnsons loyal lieutenant Jacob Rees-Mogg. Sunak has squandered the Conservative Partys decade-long efforts to build a competitive tax regime, Rees-Mogg warned.

Liz Truss: Ill spike Sunaks tax hike, its sister paper the Mail on Sunday had splashed the previous weekend, celebrating the foreign secretarys true blue campaign. Two days later, the Mail front page said ominously: Truss Back me or itll be Rishi. It sounded like a warning to readers.

Plenty of Tory MPs remain unconvinced by this Get Rishi campaign.

Sunak picked up 118 votes from his colleagues in Tuesdays fourth-round leadership ballot, retaining his place as the contests front-runner and leaving him just two short of the 120 required to secure his place in the final head-to-head.

But his hopes of actually winning that contest were badly undermined by a YouGov opinion poll of Conservative Party members the rank-and-file footsoldiers who will pick the winner from the final two candidates which found he would be well beaten by either of his remaining opponents in the crucial head-to-head vote.

This glaring disparity between the views of Tory MPs and the partys grassroots members is in part a reflection of a successful effort by enemies to undermine his record after two and a half years as Johnsons chancellor.

Opponents have accused Sunak of raising taxes to socialist levels a blasphemous accusation in a party that idolizes the free-marketeer Margaret Thatcher.

Sunaks critics repeatedly attack his tenure at the Treasury, which coincided with the COVID-19 pandemic and consequently the heaviest public borrowing since World War II. Sunaks attempts to reduce the burden on public finances through a national insurance hike for workers, and the reversal of business tax cuts, have enraged his enemies further.

Rishi, you have raised taxes to the highest level in 70 years, Truss told him pointedly in Sunday nights ITV hustings. That is not going to drive economic growth.

The socialist tag reflects the size of the tax burden, the size of the state and inflation, added an unimpressed Tory aide.

Improbably, Sunak also finds himself vulnerable to right-wing attacks on Brexit, despite having voted Leave in 2016. Some Brexiteers fear he would blink at the prospect of a damaging trade war with the EU, should relations deteriorate further in the months ahead.

Indeed it is Remain-voting Truss, now reinvented as the darling of the Tory right, who is seen as the tax-cutting, Brexit true-believer.

[Truss] is the only candidate thats going to get [Brexit] done. All of the others will be run by the civil service, and will cave to them, Tory Brexiteer Marcus Fysh told Nigel Farage on GB News this week.

Sunaks supporters claim to be relaxed by this angle of attack.

Actually its ill-advised, because it just serves to highlight that Truss didnt support Brexit in the first place, one former political aide supportive of Sunak said. It sort of forces him to come out and explain that he did.

Indeed, Sunak supporters were gleeful when the candidates were asked to raise their hands if they backed Brexit in a televised debate on Sunday.

Truss was clearly desperate to raise her hand, but couldnt, the former adviser said with relish.

Nevertheless, with their candidate tanking in party membership polls, Team Sunak has felt obliged to launch counterattacks against attempts to paint him as a soft-centered Tory.

At the weekend they released a tongue-in-cheek video titled Rishi & Brexit: A Short History, explaining how he went against the advice of his superiors as a young MP to campaign to leave the EU. It pointedly includes an image of his rival Truss promoting the Im In message that was one of the slogans of the campaign to remain inside the European Union.

And in an article for the Brexit-backing Sunday Telegraph, Sunak promised to rewrite former EU laws still getting in the way of British businesses, and outlined plans for a new Brexit minister and Brexit delivery department if he wins.

Sunak has also fought back on his economic record, labeling Trusss own borrowing plans socialism at the ITV hustings Sunday night.

Hes not a socialist. Its absolute nonsense. He just believes in sound money. Theyre the ones planning to borrow money to spend on things we cant afford, one senior backbench supporter said of Sunaks rivals.

To call the Conservative candidate a socialist, at least in my generation, it doesnt make sense at all. I think its a smear, a veteran former Tory MP added. The bigger influence is being chancellor of the exchequer, and seeing the books.

Another Tory MP backing Sunak believes many MPs are actually very grumpy about what the government was forced to do to prop up the economy when the COVID-19 pandemic hit in 2020.

Few of those branding Sunak a socialist raised objections at the time to the billions of pounds released for the furlough scheme, the MP pointed out.

I dont remember people saying let businesses in my constituency go to the wall. I dont remember people saying dont help people on furlough, the MP added.Of course its big government weve just had COVID.

But the anti-Sunak political adviser quoted above insisted the COVID-19 outlay had been used by the Treasury as justification for sort of total retrenchment from Johnsons broader post-Brexit plans.

Will Tanner, director of the center-right Onward think tank, said in truth, Sunaks campaign had been notable for the fact that he hasnt wedded himself to an ideological pitch.

Its been relatively kind of centrist and establishment, actually, he added.

Torsten Bell, chief executive of the center-left Resolution Foundation, said Sunak was obviously not a socialist in any meaningful use of the word, but had fallen victim to the tension between the fiscal conservatism element of Conservatism, and the lower taxes element of Conservatism.

One further dynamic clouds the picture over Sunak the manner of his departure from government.

His dramatic resignation earlier this month helped precipitate Johnsons final downfall, and came after months of what Johnsons allies believed was blatant leadership plotting.

This is a Conservative colleague who turned on the prime minister, the hostile adviser quoted above replied, when asked about the socialism charge against Sunak.

Indeed, supporters of Sunak believe many of the attacks are coming from Johnson loyalists intent on revenge, fearful their own ministerial careers could now be in jeopardy.

There is a small cabal of people around Boris, a group of ministers, who frankly would not be ministers in any other government. And theyre out to get him, the senior backbencher quoted above said.

But that doesnt mean their efforts to rebrand him are not damaging his prospects of becoming prime minister.

Hes just obviously much better than the rest of them, one supportive Tory strategist said. But hes not where he needs to be on tax. If the others dont blow themselves up during the campaign which they blatantly could then honestly, Im not sure he wins.

Whats driving the day in Westminster. Politics and policymaking in the UK capital.

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Red Rishi: Is a Brexit-backing Thatcherite too left-wing for the UK Conservatives? - POLITICO Europe

T

he UKs Brexit divorce bill could soar to 42.5 billion after the Treasury increased its estimate of the payments owed to the European Union by more than 5 billion.

Simon Clarke, the Chief Secretary to the Treasury, blamed rising interest rates affecting EU pension obligations for the increasing cost on Thursday.

Originally the Government estimated the bill covering spending commitments made during the 47 years of the UKs membership of the bloc would be between 35 billion and 39 billion.

The Treasurys latest estimate put the figure at 42.5 billion up from 37.3 billion a year ago.

Given this is a multi-decade liability, the variables used in this forecast will continue to fluctuate up and down

That is a rise of 5.2 billion.

In a written ministerial statement, Mr Clarke said the rise is primarily down to the UKs obligations for EU pensions.

The primary drivers are the latest discount rates and inflation assumptions, which are centrally set by the Government for valuing long-term liabilities, he added.

However, given this is a multi-decade liability, the variables used in this forecast will continue to fluctuate up and down.

Up until the end of last year, the UK says it has paid 5.8 billion to the EU as part of the agreement.

A Treasury spokesman added: The unprecedented recent rise in inflation and changes in discount rates have increased our pensions liability, which is the biggest reason for the increased estimate.

The true cost of the settlement is confirmed when payments are made, based on the value at the time. The Treasury continues to monitor and verify these payments in line with the negotiated agreement.

Originally posted here:

Brexit divorce bill could soar by 5bn, Treasury admits - Evening Standard

As households in Britain reel from crippling energy bills brought about by a global fossil fuel energy crisis, the Government has looked to boost its energy security by investing in renewables like wind and solar. Now, a new report by the think tank Green Alliance notes that not only will this decision help the UK end the energy crisis by scaping the volatile oil and gas market, but it will also be a major boost for skilled jobs in the UK. The report found that solar power alone could potentially support five times more jobs in the UK than gas.

Currently, 80 percent of the jobs in the operating and maintenance of solar panels are highly skilled and well-paid.

Marion Statham Anderson, a solar salesperson who currently works for Dual Fuel Solutions told Express.co.uk: The country voted Brexit to take back control, well surely this should be one of the Brexit benefits - the chance to become world-leaders in solar manufacture?

After all, the world is going to need more and more solar for decades to come.

Ive seen the demand out there among the public. Its real and its exciting.

Its a genuine growth industry and Id like to see government investment in it.

The report found that as expected, the sunniest regions of the country would benefit the most from a boost in solar power investment, with two-thirds of these jobs in the South of England and East Midlands regions.

The report noted that operation and maintenance roles in the solar industry support around 28,000 jobs, of which around 24,000 are highly skilled.

They added that if the UK ramps up its effort to decarbonise and get to net zero by 2035, it would lead to another 15,500 jobs, of which around 13,000 are highly skilled.

Having been involved in solar sales for almost a decade, Ms Anderson continued: The jobs are well paid and youre also doing something positive for the environment as well as giving your customers long-term energy independence.

READ MORE:EDF's 20bn Sizewell C nuclear power project APPROVED

But the government needs to do more to exploit solars potential in the UK by supporting businesses to grow and workers to get the skills they need.

It should give tax relief to companies that invest in staff training and increase workers confidence to shift industry with loans and grants to move.

Cutting planning red tape around solar installations will also help to accelerate the industry, which will bring energy bills down and create jobs across the country faster.

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Britain urged to harness Brexit benefits to slash red tape for FIVE times more jobs - Express

The Foreign Secretary has banged the drum for global Britain in her current job and made sure the UK has been at the forefront of the international diplomatic response to the invasion of Ukraine.

In her previous role at international trade, Ms Truss defied the critics to strike a landmark post-Brexit pact with Australia as well as put the UK on the path to membership of a trans-pacific alliance that is expected to reap major rewards for the economy.

Opponent Rishi Sunak attacked Ms Truss for her youthful dalliance with the Liberal Democrats and her support for remaining in the EU.

But leading Leavers Jacob Rees-Mogg and Nadine Dorries championed her as a stronger Brexiteer than the both of us.

Loyal to Boris Johnson to the end, Ms Truss says she is the true Conservative candidate and will cut taxes to help ease the burden on families struggling with the cost of living crisis.

Born in Oxford in 1975 to parents she describes as left-wing, the family moved to Paisley in Scotland when she was four and later to Leeds.

After studying philosophy, politics and economics at Oxford University, she worked as an accountant for Shell and Cable & Wireless.

But a career in politics beckoned and within four years of entering Parliament Ms Truss was given a Cabinet role and has remained one of the most prominent figures in government ever since.

After making it through to the final round, she told party members her experience means she is ready to hit the ground running from day one.

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ANALYSIS - How Liz Truss went from Remainer to Brexit hero - Express

"Get Brexit done," barked Boris Johnson as he campaigned to be the nation's prime minister in 2019, and on 31 January 2020 that's what he did - sort of - as we formally left the European Union.

Three years later he stood outside Number 10, announced he was going to resign, but said he was "proud" of his "achievements" in government. Like "getting Brexit done", for one.

So why is Penny Mordaunt campaigning to replace him and pledging to "get Brexit re-done"? Why is Rishi Sunak pledging to scrap so-called red tape from the EU?

After all, isn't Brexit "done"?

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Not really.

If you consider that Jacob Rees-Mogg has a job literally called minister for Brexit opportunities you may think not. Because if something is "done" - past tense, complete, why is a government department seeking out ways to make it function better?

Then there is the small matter of Northern Ireland and the government trying to tamper with a 2019 deal to prevent a hard border with the Republic of Ireland.

Trade figures show Brexit has been pretty damaging, so there is that to sort out too. And then there are traffic jams in Dover which can be partly attributed to post-Brexit bureaucracy, there were supply chain pressures last summer which were exacerbated by post-Brexit immigration policies making it harder for workers to enter the UK, and a Sainsbury's boss blamed rising food prices on the policy.

Yes, we've left the EU. We have new passports and we have to shuffle through a different queue at airports. But the above problems are a consequence of getting Brexit "done" and now they need to be "done" too for the country to find a rhythm detached from the continent.

So, saying Brexit is "done" is probably a bit silly. Just like most of the stuff that comes out of Johnson's mouth. Who's surprised?

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Have we actually got 'Brexit done?' - indy100

Boris Johnson's Brexit consisted of "two tactical errors" which must be taken seriously by the Tories battling to replace the Prime Minister.

The Conservative Party leadership contest is heating up, with Rishi Sunak, Penny Mordaunt, Liz Truss, Kemi Badenoch and Tom Tugendhat left in the running.

But the candidates are not giving enough attention to how they will reap the benefits of Brexit, according to one pundit.

Writing for Bloomberg, commentator Clive Crook identifies two "tactical errors" with how Mr Johnson has approached Brexit: "First, as a former member, Britain would be negotiating with the EU from a position of weakness; second, and even more important, the EU would be pleased to watch Brexit fail, and fail conspicuously, to discourage other rebellions."

He explains this is why Mr Johnson's approach, "all theatre and provocation", has failed.

He continued: "Standing on what Britain supposedly needs and demands might have traction at home, but has none whatever with the EU.

"Britains only hope is patient, cooperative, detail-oriented talks based on mutual advantage."

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Brexit: Britain 'in strong position' as prophets of doom shut down over UK debt - Express