The first letter for today’s edition came in the wake of yesterday’s two incisive letters on Bill etheridge MEPs article in the DT. It is by our contributor and reader ‘Comrade K’:

Sir,

Such a shame. I used to like Bill.

If he was right about AMW blaming and hating all Muslims and being neo-Nazis he’d have a point. He’s just spouting the same MSM/leftist hysterical crap though, conflating legitimate concerns about Islam with, literally, Nazism. How dare he compare us to the SA and accuse UKIPpers of intimidating political opponents, when it’s UKIPpers who’ve been the targets of exactly that from HNH & their like – and worst of all, he should know that. How he misses the point comparing the Koran & the OT, when it’s not devout Christians or Jews killing, maiming & terrorising ordinary civilians.

There isn’t a UKIP to save now, since through their infighting, cronyism & incompetence the leadership and cosy club of MEPs have in the space of a year taken the party from having once-in-a-century opportunity to replace the main opposition to 1.8% of the vote, political irrelevance, chaos and probable bankruptcy and financial scandal. He and his buddies have failed, failed, failed and are now trying desperately to hang on to control of the party. He and the rest of them need to get out of the way for us to seize this one last opportunity to reform the party, give it clear and energised leadership and focus on the issues of crucial importance to our society right now

This shows how scared they are of AMW if he has to come out with stuff like this. I do wonder whether that fact that he’ll be unemployed in 2 years and has just kissed goodbye to his last chance of being elected to Westminster has got him angling for a career as a professional UKIP-bashing pundit for the luvvie MSM. Certainly having a former leadership candidate going touring the studios telling everyone that UKIP or its successor are a bunch of neo-Nazis won’t help us. But then again, even the BNP used to better at the polls than UKIP does now.

He compares us to Jeremy Corbyn’s Momentum. Considering Jeremy Corbyn has just confounded all those predicting Labour would be wiped-out in the election and instead increased their vote and delivered a shock blow to Teresa May, perhaps emulating Momentum is the way to go. Certainly what the UKIP Old Guard has been doing hasn’t been working.

I’m increasingly starting to wonder whether part of the reason why the Old Guard is desperately trying to keep control of UKIP, even while destroying it at the same time, is a fear of what an outsider might find if they got to see the books.

Joan of Arc rallied her people, led them to throw off the yoke of their foreign masters and brought about her country’s resurgence. Perhaps AMW will do the same for Britain.

Bye bye Bill. Good luck with the job search. Have your mates Paul N or Paul O found anything yet?

Respectfully, ‘Comrade K’

The second letter comes from our correspondent Roger Arthur and addresses financial questions in the wake of the EU Referendum. The article to which his observations relate is copied below his letter:

Sir,

The Money Markets article in the July E&T magazine*) suggests that the EU will try to gut the UK’s financial services industry. But that assumes that the innovative City of London can be easily replicated at will across mainland Europe.

But as we know, the UK’s financial sector is highly competitive, not least because of our English language, common law and labour flexibility, plus competitive taxation and a floating currency. Yes around 9% of City revenues do depend on “passporting”, which may be at risk. However, since the UK financial sector comprises only around 12% of GDP, the overall impact on GDP should be relatively small – if passporting is lost.

In practice the City has been a valuable European asset for many years, before and after the 1972 EC Act. So rather than beggar its neighbour, the EU would do better to work with the UK to exploit the City’s first class services globally. Any attempt to replace it with something less, will likely see the business go to NY, Hong Kong, or Singapore. The words “nose and face” come to mind.

Of course the £ has been falling in value for many years, as UK overseas investment income has fallen away. We can counter that trend through improved innovation and productivity, by further reducing taxes and red tape. Indeed the UK Treasury estimated in 2005 that the cost of complying with EU regulations equated to 6% of GDP, or around £96 billion per annum in present day terms. That far outweighs any benefit from remaining in the Single Market.

As for the recent pick-up in EU growth, many businesses, consumers and investors in the Eurozone have lived with QE and have not seen “normal” interest rates for many years. Once QE stops and interest rates start to harden, the debt overhang is likely to become crippling. Then we may well be asked to help fund more bail-outs.

The Money Markets article raises more questions than it answers. Respectfully, Roger Arthur

*) Extract from E&T (Engineering and Technology) Magazine July 17. Author Clem Chambers.

“Nothing seems to buoy the pound, which is good news for British engineers and technology companies. Any company with fat gross margins and a solid export business is making hay.It is impossible to predict the future of companies but my informed hubristic prognostication is that Brexit will be sufficiently hairy and the pound will remain weak for a number of years to come.

The EU will try to gut the UK’s financial services industry and may well have its way, causing a reverse “Big Bang” or perhaps a “big whimper”, as EU barriers to financial transactions such as clearing and and bank passporting cause a serious drain on a sector chipping in 12% of UK tax take and 1.2 million jobs. This economic drag alone should keep interest rates low and the pound weak, which is good news for industry as a whole.

It has been said that the “financialisation” of an economy is a bad thing. That is to say, if like Iceland you have too big a financial sector, it drains the life out of other economic activities. Financial engineering, in this model is replacement for engineering engineering and leads to all kinds of economic and social depravities. It looks like this theory is going to be tested. If banks follow through on their preparation to leave the UK, Europe pulls the plug on EU financial clearing infrastructure and insurers like Lloyds pole vault out from the UK into the EU, there is going to be a fairly large economic vacuum to be filled.”

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