It was inevitable more and more people would realise they had been sold a pup by the Brexiters, writes Business Editor Ian McConnell.
And, as we approach the 10th anniversary of the Brexit vote, there is one big reason why it is heartening to see this remain such a prominent issue.
As we approach the 10th anniversary of the UK’s vote to leave the European Union, Brexit remains very much in the spotlight.
Given the scale of the damage visited upon us all by former Conservative prime minister Boris Johnson’s hard Brexit - which essentially took effect more than four-and-a-half years after that June 2016 vote with the UK’s exit from the European single market at the end of 2020 - this is no surprise.
And it is heartening to see Brexit remain a very prominent issue, given just how great the need is to do something meaningful to tackle grim effects which are very much ongoing.
A major survey published last Monday by YouGov showed around 55% of people in the UK would support the country rejoining the EU, with only 33% opposing such a move.
And, of those who voted to leave the EU in 2016, 22% now support rejoining.
These are eye-catching numbers but we should not really be surprised, given it was surely inevitable more and more people would realise they had been sold a pup by the Brexiters as they saw the detrimental effects of the folly on the economy and their own lives unfold.
European Movement UK, a cross-party organisation campaigning on the benefits of close ties between the UK and EU which was established by Sir Winston Churchill in 1949, was swift to highlight the findings of the YouGov poll.
Mike Galsworthy, who chairs European Movement UK, declared: "Almost 10 years have passed since the United Kingdom voted to leave the European Union, along with its membership of the customs union and the single market. In that time, the consequences for the British people have become increasingly stark. This latest polling not only reinforces that - it shows that more and more people see the benefits of much closer ties with the European Union - having felt the pain of Brexit.”
He added: “We have seen soaring import costs, increased workforce shortages and reams of new red tape. No wonder exports to the EU by our small businesses are down by 30%, and 20,000 small firms across [the] UK have stopped all exports to the EU. Meanwhile, LSE (London School of Economics) research shows a £27bn fall in goods exports to the EU - enough to fill a fiscal black hole or two. Politicians must now face the facts - 10 years since the vote, Brexit is still an ongoing accident, and its damage is far from over."
Of course, in Scotland, a very significant majority, 62%, wanted to remain in the EU in 2016.
My column in The Herald on Friday examined, ahead of next month’s Scottish Parliament election, what the various parties had to say about Brexit in their manifestoes.
Flagging the damage from Brexit, as set out by Mr Galsworthy, the column observed: “Given these calamitous effects, and the red lines of Sir Keir Starmer’s administration which rule out the UK rejoining the EU, single market or even the customs union, it is hardly surprising to see the SNP, Scottish Greens and Scottish Liberal Democrats highlight the damage caused by Brexit in their manifestoes for next month’s Scottish Parliament election.
“And it is equally unsurprising to observe Scottish Labour somewhat bodyswerving the issue.”
The column concluded: “The fact that Brexit’s cheerleaders are so silent on it these days says it all.
Read more
- Brexit rears head on both sides of Scottish constitutional chasm
- Scottish business leaders' overwhelming view on Brexit revealed
- Brexit is done? Really? So what's all this about?
- Major exclusive poll of business leaders yields fascinating results
- What does business think of Scottish Government performance as election looms?
- Poll: Is Scottish or UK government viewed as performing better on business
- So just why are we not talking up the North Sea?
- Jobs saved as Scottish business is bought out of administration
- Brexit tragedy plays out as senior Labour figure plots exit strategy
- Business founded by Sir Tom Farmer sold as new owners target 250 UK sites
“However, Brexit is not going to go away as an issue just because the Leavers might want it to, given the utter shambles they have created.
“As Mr Galsworthy notes, the damage from Brexit is ‘far from over’. So why on earth would we not take serious action to prevent further damage?”
Elsewhere last week, Edinburgh Worldwide Investment Trust remained in focus ahead of a crunch vote on a third attempt by US hedge fund manager Boaz Weinstein’s Saba Capital Management to oust the board and install directors chosen by Saba.
The US hedge fund returned on February 10 with its third attempt to oust the board, proposing the appointment to EWIT's board of the same three individuals, Gabriel Gliksberg, Michael Joseph, and Jassen Trenkow, at the investment trust’s forthcoming annual general meeting (AGM) as it did in January.
This AGM, at which shareholders will also vote on the re-election of EWIT’s existing directors, is on April 30. Saba has declared it will vote against the re-election of all of EWIT’s current directors.
EWIT told the stock market last Monday that independent voting advisers ISS, Glass Lewis and PIRC “have recommended that shareholders vote in favour of all board resolutions, including the re-election of all five independent directors and vote against the three resolutions proposed by Saba to appoint Gabriel Gliksberg, Jassen Trenkow and Michael Joseph as directors of the company”.
Jonathan Simpson-Dent, chairman of EWIT, declared: “It is vital that all shareholders vote at this AGM. The outcome is not predetermined. If shareholders come out in significant numbers, there is a real opportunity to defeat Saba's proposals.”
Mr Simpson-Dent noted in January that Saba had a stake of “just over” 30% in EWIT, which had total assets of £864.71 million at March 31 and is run from the Scottish capital by Baillie Gifford.
The scale of this stake means turnout will be crucial in determining what transpires at EWIT, which has Elon Musk’s SpaceX as its largest single holding.
As my column in The Herald on Wednesday observed: “When it comes to Saba’s claim about EWIT’s directors being ‘out of touch’ with shareholders, we should also bear in mind that the US hedge fund has failed in its two previous attempts to oust the investment trust’s board and install individuals chosen by it.
“And the opposition to each of these attempts by the US hedge fund from non-Saba shareholders of EWIT was overwhelming."
Share