Now that Theresa Has Made a Complete Dogs Breakfast of It

And a “hard” Brexit seems increasingly likely, the Bank of England is moderating its predictions of a post-apocalyptic wasteland following a crash-out.

It’s almost like their earlier predictions were intended to influence, and perhaps prevent, Brexit.

But that couldn’t be true, central banks never meddle in domestic politics, and according Gilbert and Sullivan, “Married men never flirt”.

Earlier this month (March 5, 2019), the Governor of the Bank of England fronted the House of Lords Select Committee on Economic Affairs for his annual grilling. The details of his evidence, covered in the transcript produced – Uncorrected oral evidence: Annual session with the Governor of the Bank of England – should have generated headlines in all the major British press outlets but the UK Guardian, noticeably, avoided reporting the details. The Guardian has jumped on every negative projection since before the 2016 Referendum and published volumes of Op Ed pieces from various correspondents amplifying the negativity. But it largely failed to report the Mark Carney’s backtracking. Turns out that the Bank of England thinks Brexit will be considerably less damaging than its headlined Project Fear estimates published last November, And that is without factoring in any fiscal response from government. It seems that the Bank now believes that a no-deal (disorderly) Brexit won’t be all that damaging at all and an orderly Brexit would be associated with an over-full employment boom over the next three years. Quite a different story to that offered in November 2018. The latest revelations will give Remainers some headaches – their collapse scenarios are evaporating.

I have long held the view that the real problem confronting the British economy has been the neoliberal policy positions taken by the current government which has reduced the incentive of British firms to invest in new productive infrastructure and equipment.

While the Remainers have been hysterical in their focus on the damage that the Brexit decision has ’caused’ (their assertion), and, seize on all the ridiculously overblown estimates coming from the likes of HM Treasury, the Bank of England and other private groups, such as the NIESR, to prosecute their case, the real game has been the decline in business investment and the reliance on increasing household debt as the austerity straitjacket has been tightened.

Note, that, unlike many of the Remainers who just want to overturn the Leave decision in any way they can, I distinguish between the decision to leave (the Referendum result) and the incompetent process that the Tories have pursued in implementing that decision.

I continue to fully support the Leave decision but find the process so ridiculously mismanaged that it is little wonder that the long-standing pessimism of investors (firms), driven by the painful austerity, has been exacerbated.

In fact, it appears that the mismanagement of Brexit is such that about 40 Tory opponents to her deal have demanded her resignation in exchange for their vote.

When one considers that she needs to flip about 40 votes to win another vote (if that can even happen under parliamentary rules)

Conservative MPs have told Theresa May and her aides in phone calls and meetings over the weekend that she must publicly commit to standing down as prime minister to secure their votes for her Brexit deal.

As Downing Street struggles to persuade enough rebel MPs to back May’s withdrawal agreement in time for the third meaningful vote scheduled for Tuesday, a group of 40 backbenchers have warned they will not vote for the deal unless she agrees to step aside so a new PM lead the next stage of Brexit negotiations.

In conversations with May, her senior advisers in Number 10 and chief whip Julian Smith on Saturday and Sunday, details of which have been shared with BuzzFeed News, MPs on both the Remain and Leave wings of the Tory party said the price for getting the deal through is her departure.

May was told in direct terms by several MPs in one-on-one phone calls on Sunday that she should make a pact promising to resign if her deal passes, a source familiar with the conversations said.

In one of the phone calls, a former cabinet minister who last week swapped sides to vote for the deal told May she would win round other rebels if she announced she is willing to go. A source familiar with the conversation said the PM reacted with “surprise” and “faux astonishment” at the idea of a resignation pact.

I do not think that it is ,”FAUX astonishment.”

Theresa May is as dumb as a cabbage.

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