The New Statesman reports that none of Brexit’s promises have come true:
Brexiteers said leaving the EU would unleash growth. Instead, growth has stalled and higher inflation has depressed real wages.
David Davis, now Brexit secretary, said Britain would be able to create “a free-trade area massively larger than the EU.” So far, no country has expressed an interest in doing a separate trade deal with the United Kingdom.
Liam Fox predicted that trade talks with the EU would be “one of the easiest in human history.” But the EU insists on properly negotiating Britain’s exit before even starting trade negotiations.
Rather than give Britain an extra £350 million to spend on health care each week, the Office for Budget Responsibility projects that the country will lose the equivalent of £300 million per week because of Brexit.
Little wonder that supporters of leaving the EU have continually lowered expectations. The promise of Brexit has been downgraded from a Singapore on the Thames to not “as apocalyptic as some people like to pretend”.
Mixed Success for Trump at the G20 on Syria and Trade
The G20 summit in Hamburg, Germany has been a mixed success for American president Donald Trump.
On the one hand, Trump negotiated a ceasefire for southwestern Syria with his Russian counterpart, Vladimir Putin. American-backed rebels have been fighting the Russian-backed regime of Bashar Assad there.
On the other hand, he didn’t elicit Russia’s support for the war against the self-proclaimed Islamic State, which is Trump’s priority.
On the one hand, G20 leaders conditioned open markets on “reciprocal and mutually advantageous trade” in their summit declaration and recognized the role of “legitimate trade defense instruments” — a political victory for Trump.
On the other hand, a threat from European Commission president Jean-Claude Juncker to retaliate with EU trade sanctions appears to have persuaded Trump not to raise tariffs on steel. Read more
Europe, Japan Send “Strong Signal” with Trade Deal
European and Japanese leaders have announced a landmark trade agreement on the eve of the G20 summit in Hamburg, Germany, where America’s president, Donald Trump, is expected to press his case for protectionism.
The treaty has yet to be finalized. A summit in Brussels was hastily arranged to “send a strong signal,” as the EU’s trade commissioner, Cecilia Malmström, put it earlier this week.
“We believe we should not build walls or raise protectionism,” she said. Read more