IslingtonTribune

The independent London newspaper

Do referendum deniers want to remake Passport to Pimlico?

16 March, 2018

• THE “anti-EU correspondent” in Councillor Dave Poyser’s letter (Do we want a return to a mythical past when UK could go it alone? March 9) might be myself since I was fortunate to have a letter printed in which I referred to President Trump, (It’s rich when people who prefer us to remain in the EU predict economic apocalypse, February 2).

Cllr Poyser writes enthusiastically in support of the EU, where he was employed for six years. While I accept that Islington voted to remain in the EU, the referendum was for the UK, and the UK voted by a strong majority to leave. That is democracy and Islington should not aspire to be cast in a remake of Passport to Pimlico.

I too am proud to live in Islington and have done so since 1975, in which year I voted to remain in the EEC. This was a free trade area, not a political construct cowering behind tariffs that unfairly target the Third World. Good enough for the EU so why criticise President Trump for having some of the same?

I hope that my comments on the euro rise above the level of a “British rant”, if only by a slim margin. It is often said by those who wish the UK to remain a member of the EU that we do not have the euro and therefore do not suffer in the same way as those who do. By implication they know the euro is not good, and there but for fortune go you and I.

Unemployment in some eurozone states in excess of 20 per cent, and double for the young, hardly qualifies as a currency “going strong”. This amounts to Remainers telling the eurozone you got it wrong but “I’m alright Jack.”

The European Central Bank (ECB) has a policy of quantitative easing, unlike sovereign countries. They can’t give it up because the countries that have been devastated by the euro need low interest rates to survive whereas northern members should be moving to normalised rates.

With only monetary policy, the ECB cannot pursue two opposite policy objectives. A tug of war till the rope snaps. Result: 2.6 trillion euros of quantitative easing and rising, interest rates at zero and a solid, right-wing presence emerging in the eurozone.

STEPHEN SOUTHAM
Mildmay Grove North, N1

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