Economic threat of Brexit is being 'exaggerated', says former Bank of England chief
Former Bank of England Governor Mervyn King has said that the economic costs of Britain leaving the European Union have been "exaggerated", as he accused those on both sides of the forthcoming EU referendum debate of treating it like a "public relations campaign".
"One should be very cautious of precise, numerical estimates of what the consequences would be," Mr King warned in an interview with Bloomberg, in a reference to Government analysis published this week.
The Treasury's report estimated that the British
economy would shrink by 6pc by 2030 if Britons voted to leave the EU on June 23.
Mr King's successor, Mark Carney, said on Tuesday that he believed
the economic techniques used to produce the report were to his mind an example of a "sound analytic process".
However, Mr King said that the issue of the EU's membership was a "big, big question", and one that "that cannot be reduced, simply to the simple-minded level of a cost-benefit analysis".
He continued: "I'm old enough to remember the referendum in Britain in 1975 on exactly the same issue. The one thing that both sides of the argument then were wrong about was that it would make a dramatic difference. It didn't.
"I think it's very important that people should not exaggerate the impact, either of staying in or of leaving.
"I do worry that people on both sides treating this as a public relations campaign rather than as a debate on the future of our country are inclined to exaggerate because they feel they are selling a position.
"What is more important is that we have a calm and reflective debate about the role of Britain in Europe. Our relationship with a continent which we have struggled with for several hundred years."
- Telegraph
I believe they'll be hard negotiators, and won't grant a country that's just abandoned the union the same strength of deal as it had before. Twisting that fairly obvious point to the extent you did is odd.
This is mere semantics Ubik, the words used to describe what might actually occur do not alter the reality. If someone believes that the EU is there to serve us rather than vice-versa, and that our participation or lack of such ought to be facilitated as a matter of course, then an attempt to harm the future prospects of the UK can reasonably be interpreted as a hostile act.
The Brussels tail shouldn't be wagging the European dog.
That's a good point but an unrelated one. Ubik is questioning the extent of the economic damage, your answer is again trying to deflect attention away from that subject.
If you can reference a single post of mine in which i claim there to be no economic risk whatsoever from a European quarter, please do go right ahead.
I might be completely wrong but I think Yanis Varoufakis sums up the problem the Left is facing with the referendum.
Sadly delusional i fear. There is no plausible route to the sort of reform he speaks of, even should it be desired. In the interim therefore, we see what the EU actually thinks of poorest and the most vulnerable (not very much).
Good question, all the lefties I know will vote stay. Not because they don't acknowledge the problems of the EU but
a) because they don't feel comfortable being on the xenophobic side led by clowns like Farage or Boris.
b) most visions about a more progressive blabla Britain after an EU exit are just pipe dreams. It'll give the Tories a free reign for likely the next century which definitely won't improve the situation of the working class. The idea that a Brexit would lead to a better chance for non-EU immigrants is laughable, the opposite is more likely. A "new left" aside from Labour won't be created instead it'll just increase the strength and momentum of the right wing.
a) But the human traffickers best friend, Angela Merkel, is sweetness and light. As are the TTIP factions in Brussels and the British business community who like cheap labour and even cheaper wages...
b) The left will get out what they are prepared to put in. I am not sure where to begin with your political analysis, as it soon crosses into the ridiculous. A century of Conservative rule?
You also don't seem to think that both UKIP and the Tories will e stronger, which seems rather incompatible given the political landscape. There is also the small matter of internal conflicts; with Eurosceptic Tories out for blood on the one hand, and Farage potentially having outlived his usefulness.