Life at № 42
Boris Johnson, seen as one of the main contenders to replace David Cameron as UK prime minister, has suggested the worst of the markets turmoil is behind Britain, claiming “people’s pensions are safe, the pound is stable, markets are stable”.
Sterling hit a new low for the day after his remarks.”
Source: Boris Johnson: markets and the pound are ‘stable’ Financial Times
And you see, that’s the problem with this brand of politics. You can manipulate a sector of the population for a certain amount of time- but just repeating slogans doesn’t really transubstantiate said slogans into facts. Stability is certainly not the word that comes to mind right now no matter how many times Johnson repeats it.
The fact of the matter is Brexit has set up the entire continent for turmoil significant enough to cripple various economies. UK bank shares were crashing this morning. Barclays and RBS dropped so much trading was halted. Add to that this imposed waiting period of now to the Tory leadership election in October. That’s +3 months during which investment will be paralyzed. House sales will be hit. Britons who planned on spending their summer holidays in the EU will have to deal with a much weaker pound- meaning they might not be able to afford those holidays after all. And there we have the knock on effect with Spain and Greece being the hardest hit.
Anyway I leave you with Nick Cohen on Johnson and Gove: “If sneers won’t work, the worst journalists lie. The Times fired Johnson for lying to its readers. Michael Howard fired Johnson for lying to him. When he’s cornered, Johnson accuses others of his own vices, as unscrupulous journalists always do. Those who question him are the true liars, he blusters, whose testimony cannot be trusted because, as he falsely said of the impeccably honest chairman of the UK Statistics Authority, they are “stooges”.
The Vote Leave campaign followed the tactics of the sleazy columnist to the letter. First, it came out with the big, bold solution: leave. Then it dismissed all who raised well-founded worries with “the country is sick of experts”. Then, like Johnson the journalist, it lied.
And here’s John Oliver: