Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

War has highlighted the geopolitical folly of Britain’s departure from the EU

War has highlighted the geopolitical folly of Britain’s departure from the EU

As memories are revived of the second world war and the 1970s, it is time for a major rethink of economic strategy
The Australian comedian Bill Kerr used to begin his BBC appearances with: “I don’t want to worry you, but …” Funny how those words came back to me last week as I watched the television coverage of the criminal bombing of homes in Ukraine.

Some of us are old enough to remember Hitler’s bombing of London, Coventry and elsewhere, not forgetting Britain’s bombing of Dresden. Kurt Vonnegut’s book about it, Slaughterhouse-Five, is a disturbing classic.

It was because European, and American, leaders – let alone their people – never wished to witness such horrors again that the European movement began. Now here we are, with the tyrant in the Kremlin repeating such horrifying scenes in Europe, yes Europe.

Putin is the modern epitome of Lord Acton’s famous and well-phrased dictum: “Power tends to corrupt and absolute power corrupts absolutely.”

Quite apart from the inhumanity and carnage, in his infinite folly Putin has set off a process of economic and social disruption which compounds the many obvious crises that the world already faced.

As energy prices soar, memories are being revived in the UK of the 1970s, when the first oil crisis of 1973-74 was a major factor in unseating the 1970-74 government of Edward Heath, and also sowed the seeds of the ultimate failure of the Wilson and Callaghan governments of 1974-79.

The sight of our egregious prime minister Boris Johnson going, oil can in hand, to Middle Eastern dictators to plead for economic help to counteract damage inflicted by another dictator, Putin, evokes an uncomfortable memory. When Labour chancellor Denis Healey was besieged in 1976 by rampant inflation and a balance of payments crisis, the Treasury’s top civil servant, my good friend the late Sir Douglas Wass, tried to lighten the mood by saying: “It could be worse, Chancellor. The Russians might be invading.”

Yes, well, let us not go there.

I am sure that when he first had chancellorial ambitions, Rishi Sunak was not expecting to have to cope with echoes of the 1970s. But here we are, with inflation accelerating and the chair of John Lewis, Dame Sharon White, a highly respected former Treasury official, worrying that the rate of inflation may be heading once again for “double digits”.

True, inflation has been exacerbated by shortages provoked by the pandemic. It has also been aggravated by the serious impact on food, not least grain, and other shortages resulting from Putin’s war. But something else has been driving prices up all over the place, and that is – you have no doubt guessed it – the mounting impact of Brexit.

On which subject I recently had an interesting encounter with a Remainer British expat who was visiting his Brexiter friends in assorted home counties havens. To his surprise, he found that most of them were admitting in private but could not bring themselves to say so publicly: “Brexit is a catastrophe.”

Of course, it has not yet unseated the chief elected culprit, Johnson, because he keeps being let off the hook by other distractions, such as Covid – now apparently reviving – and the awful tragedy of Ukraine.

But the war in Ukraine has highlighted the geopolitical folly of Britain’s departure from the EU. It has brought European nations together, and left the UK trailing behind, while the absurdity of “global Britain” and aircraft carriers being sent to the far east becomes ever more apparent.

Brexiter Sunak faces one hell of a task with his spring statement this week. The soaring cost of energy, as in the 1970s, is both inflationary in driving up prices and deflationary in acting as a depressant on demand in the real economy. Sunak should be telling us that Brexit was a mistake, and that a major reconsideration of economic strategy is required.

He himself is very well off. So are the “oligarchs” Johnson and co used to cultivate until the popular tide turned against them. Many people are not so fortunate. As Francis Bacon said: “Fortunes … come tumbling into some men’s laps.”

Oligarchy in ancient Greek meant rule by the few. Strictly speaking, the men referred to today as oligarchs are not rulers but rich men who have plundered the Russian nation’s resources. As Aristotle says in The Politics, “sovereignty”, when they tired of tyrants, was “exercised in oligarchy by the rich”.

It is an awful commentary on the “values” of Johnson and Sunak’s predecessor George Osborne that they are up to their necks in the scandal that has made London, nicknamed Londongrad, the money-laundering capital of the world. However, as my mother would have said: “It will all come out in the wash.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
×