Saturday, December 10, 2011

Britain's loss, Europe's gain?

Fascinating piece in The Economist about the Euro summit and Cameron's 'walk out'. The interesting thing is that the article discusses the whole issue from the point of view of the kind of pro-free market Anglo-focused angle typical of the Economist.

It finds, with impeccable logic, that Cameron, and the British right, have been roundly defeated. After all, what does a 'walk out' mean? Either that we stay in the single market but with no real influence on how it's regulated, or we leave the single market and see investors take a detour around us as they seek access to a market of over 400 million people. Even the City, which Cameron purports to defend, could well ditch us and head to Frankfurt (after all, the City is basically an offshore arena for American banks, and stopped representing indigenous capital sometime in the 1960s).

Doesn't look good. Unless of course you want to take Britain back to the 1950s, which is precisely what most Conservatives really aspire to.