See Financial Times 12
What is amazing, is how some Brexiteers have managed to present Carney’s speech as somehow softening his stance on the harmful effects of Brexit. As usual, they are seeing things in black and white terms when several shades of grey are called for. The fact that there is a worldwide scepticism about globalisation is in no way an indication that we can do away with supranational institutions. Indeed, we can argue that it is an indication of exactly the opposite. What is all the more surprising is that the Brexit justification of wanting to be able to strike our own trade deals when the supporters of Brexit are actually revolting against globalisation shows the abject populism that is rampant amongst politicians worldwide. Three examples: Some leavers, we are told, want to reduce immigration. Yet some Brexiteers simply want to reduce European immigration and replace it with global immigration. Some leavers, we are told, regard the EU as protectionist, yet there are Brexiteers that propose greater protection for our industries. Some leavers, we are told, want to regain sovereignty, but are prepared to abide by WTO rules or any rules laid out in diverse Free Trade Agreements. But to come back to Carney’s speech, he in no way softens his approach to Brexit or diminishes his warnings about the disastrous effects of a disorderly withdrawal What his speech suggests is that there is a link between the various rejections of globalisation including Brexit and Trump’s simplistic mercantilism and that the outcome of Brexit could be an indicator of things to come. That is a statement of fact not a judgment or softening of anything.