Matthew Parris was absolutely right in his article in last Saturday’s Times. Only job losses will shift public opinion on Brexit. The two sides of the EU argument are too entrenched for anything else to work.
This was brought home by Saturday’s pro-EU march. It simply passed most people by, hardly worth a significant mention in Sunday’s papers. People are bored and even as a passionate Remainer I felt strangely unmoved. It will have had as much impact as the one million marching against the Iraq war and we all know what happened next. So, as Matthew Parris wrote, it will be events outside politics that will break the deadlock.
And those events may well be the actions of business. Senior executives, provoked into going public by the stupidity of several cabinet ministers, are raising their heads and this could just be the catalyst for the change needed. Airbus first (may pull out of the UK on a no deal scenario), then BMW (8,000 jobs potentially at risk if no agreed customs arrangements) warned of the damage caused if there is no compromise on our trading relationship with Europe. Yesterday, it was announced investment in new cars and plants fell almost 50% in H1 2018 versus the same period last year as investment plans are put on hold. There are some 850,000 jobs relying on our car industry.
And there will be more to come. Economists, even pro-Brexit ones, are highlighting the short term damage to Britain’s economy of Brexit induced uncertainty with forecasting models estimating that the slowdown under way is now costing some £450m a week. So much for the Brexit dividend paying for the NHS…
When Liam Fox was questioned last year on the loss of up to 10,000 City jobs as a result of leaving Europe, he was dismissive describing it as less than expected. He should be forced to meet personally those who lose their livelihoods as a result of Brexit and see how his neo-con, anti-EU ideology resonates with them. We then have our esteemed Foreign Secretary overheard saying F**k business. Well business may just F**k him and it is time it did.
Business groups are coordinating their warnings as frustration mounts at the government’s overall lack of direction, lack of commitment to a frictionless customs arrangement and an insultingly cavalier attitude to potential job losses. Speaking to chief executives yesterday, Theresa May attempted to reassure them of her intentions but why this constant brinkmanship? Companies have had enough of ideologically driven, chaotic EU negotiations.
I have an idea. Like the clock in New York recording the increase in government debt second by second, we should erect a clock in Trafalgar Square recording Brexit induced job losses. It is always the economy stupid, and like a slowly boiling frog the UK must wake up to the cumulative damage of our approach to Brexit before it is too late. Perhaps such an initiative will highlight the actions of business sufficiently to put it in control of a process that politicians have no idea or desire to manage.