Editor’s Notes: Without the UK, the EU can march towards ever closer union
Earlier this week I chaired a discussion at TheCityUKs annual conference, where several people, including the lobby groups chairman, John McFarlane, stressed the point that “theres life beyond Brexit”.
It cant be said often enough, given how much of our national attention and energy has been sucked into the black hole of Brexit: the uncertainty, the parliamentary theatre and the small but vocal campaign to reverse the referendum result.
The reality, as those in business know only too well, is that life goes on. This is true for the Europeans, as well. The European Central Bank may have signalled yesterday the end of its epic (and controversial) quantitative easing policy, but the project still faces a number of challenges that it would have to confront with or without the departure of the UK.
With the UK set to leave, however, member states who do not exhibit enthusiasm for ever closer union will feel keenly the loss of Britains restraining influence in Brussels. Dutch Prime Minister, Mark Rutte, who enjoyed a good relationship with David Cameron and was supportive of the former UK leaders efforts to slow (and reverse) the pace of EU integration, gave a speech last week on the future of Europe.
Read more: Not up for discussion: PM appears to row back on Brexit bill promise
While he stands behind the projects fundamental aims and achievements, he has taken up the mantle of questioning the centralising instincts of EU officials. He told MEPs that: “More and more Europe isnt the answer to the many problems that people face in their daily lives. For some, ever closer union is still a goal in itself. Not for me. Unity and ever closer union are not the same. You dont achieve unity by simply doing more in more areas. You achieve it by doing things really well in a few important areas.”
There are plenty of officials in Brussels who agree with him, but the UKs departure means theyll likely be drowned out by those who do not.
Lady Wilson remembered
Last week we learned of the death of Lady Wilson, wife of the late Labour Prime Minister, Harold Wilson. The obituaries all mentioned the Wilsons connection with the Isles of Scilly, my family home and the place where the former PM felt most relaxed. He is buried in the churchyard of the beautiful Old Town church. Its likely that Mary will soon lie next him. The Wilsons modest bungalow on St Marys, the main island, sits next to that of my great great aunt, Joan, who became firm friends with the Wilsons, especially Mary. Harolds armed protection team used to sleep in Joans spare room and even in recent years the two elderly widows would enjoy a drink and a gossip. They would often come to my mothers restaurant together. Joan, now 104 and still on Scilly, recalls that even long after Harolds death Mary would apologise for never having her round for a meal, explaining that the dining room table was still covered in her husbands papers.
Michael Spencer backs British bubbly
This column has often noted Michael Spencers deep affection for wine, so it is no surprise that the City veteran has upped his stake in Chapel Down, the English winemaker. Spencer, who is soon to net a cool £600m from the sale of Nex to CME, is now the largest shareholder of Chapel Down, with 25.9 per cent in his pocket. He says “we need to support home grown industry” – putting him on the same page as Tim Martin, the Wetherspoons boss, who has announced that English fizz will replace French champagne in his pubs. Cheers, gentlemen.
Read more: Nex and CME's advisers to land bumper £110m payout for work on £3.9bn deal
Adair Turner's schedule is a little too crammed
From time to time Im asked to chair panels or speak at events, often with several weeks notice, and I try to abide by a simple rule: dont say yes to something that youd decline were it taking place tomorrow. This helpful rule should be relayed to former FSA chairman Adair Turner, who pulled out of a think tank event last week, on the day. Organisers were less than impressed, telling guests “Adair Turner has asked his secretary to email us cancelling the seminar” – apparently he was just too busy.
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