According to the FT this morning the UK might agree to pay billions a year to keep the City of London, but not the rest of the UK in the EU Single Market.
Chunter, chunter, why does the City have such power etc.
What the FT actually says is:
But in a move likely to upset many Conservative Eurosceptics, Mrs May has not ruled out making future payments to the EU to secure privileged access to the single market. Finance is among the sectors most likely to benefit in any deal that recognised the “equivalence” of regulatory regimes.
On Friday, she assured Japanese carmaker Nissan that trading conditions for its Sunderland car plant would not change after Brexit, in the first suggestion that the government could pick favoured sectors to shield from the impact of leaving the EU.
Several senior ministers have told the Financial Times that the cabinet is considering how Britain could carry on paying billions of pounds into the EU budget. “We would have to be careful how we explained it,” said one minister. “But Theresa has been very careful not to rule it out.” Another senior Tory said: “With Theresa, you have to listen carefully to the silences.”
They do not say that only The City would still be in the Single Market. Rather, they just make the standard point that everyone already understands.
If there is continued membership of the Single Market then there will have to be budget contributions. Simply because that’s the way the Single Market works. Norway and Switzerland both pay into the EU budget. That’s just what happens.
It’s absolutely fuck all to do with the City remaining in and the rest of the economy not.
Three thoughts. First, as ever the City proves itself a state within a state. But in that case, why not separate deals as well for Scotland and Northern Ireland who also voted to Remain?
Second, who pays for this? And how? There is no way the City should receive a UK wide subsidy.
Third, why the City alone when it is the one part of the economy that needs to shrink if any form of rebalancing is to take place?
Bluntly, the City’s self interest and financial power apart, is there any logic at all to this suggestion?
Thought, let alone three, would be useful here. But then idiot it idiot is oh so surprising, isn’t it?