Respected Lord and former Bank of England Governor has given the green light for a hard Brexit but his credibility has been questioned by remainers, so who is right? Let us take a closer look:
Mervyn King, head of the BoE for 10 years until 2013, has been a known patriot and sympathetic to cause of Brexit. If anyone should know the market economy and international trade it is this Lord King, who states that a Hard Brexit will free our economy to strike trade deals with the rest of the world whose markets are growing as opposed to the EU’s whose is declining in the world standing.
Although the same media hacks who are on 24/7 calling for a second referendum, claim that most economic experts side with remaining in the EU’s Single Market and Customs Union (protection racket), Lord King does have solid ground to make his claim.
Forbes published post-referendum that the Economists for Free Trade predict that the UK could add a £135bn a year to its economy by taking advantage of striking trades deals outside of the EU and this is just for starters. As the increase of trade will lead to an increase of productivity and competition which means great news to the customer and consumer.
But to put a dampener on this good news, Remainers have questioned the good Lord King’s credibility by stating that he led us into the worst economic recession this country has experienced. I honestly though it was Mr Prudence himself; one Gordon Brown who had that honour.
In an article in The Guardian, the attempt of character assassination of Lord King makes for distasteful reading, but even remainers are entitled to their opinion. Let me take the high ground and come to the defence of this former BoE Governor. In the article, he was blamed for the collapse of Northern Rock, RBS and effectively the credit crunch.
Mervyn King presided over the BoE with a heavily deregulated UK banking industry, deregulated by Tony Blair and Gordon Brown (that Chancellor who sold our gold reserves at below the bottom prices).
Should we compare the successor, Mark Carney who is a championed Remainer, who presided over the Canadian equivalent of the BoE, who has got all of his predictions wrong about the UK’s economy and reaction to leave winning the referendum. He is praised because Canada was relatively protected from the worldwide credit crunch post 2008.
A little bit of research in uncommon places will find that as Governor of the Canadian Bank, he had to re-finance the Canadian banks prior the worldwide recession in what is a regulated banking industry, which meant less rogue banks lending recklessly and their banking sector would be in the best position to ride out an oncoming storm.
Prior to this in 2004-2007 he was in the Canadian Department for Finance which oversaw a period of austerity, cutbacks and budget slashes in a prelude to what was to come, which to his credit; gave Canada a firm ground to withstand the oncoming storm.
I have to state, I am not in any way suggesting that a former Golden Sachs banker of 13 years could have in any way known that worldwide recession was coming; not as if bankers bet on bad economic circumstances and profit from them is it?
From the two Governors, I will back Lord King’s prediction of a Hard Brexit being positive news for the UK. Onwards and forwards, the future is indeed bright with the rest of the world waiting for us to join them!
(Articles reflect the views of the author, and not necessarily those of Luke Nash-Jones, The Red Pill Factory, or Make Britain Great Again.)