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Showing posts with label national. Show all posts
Showing posts with label national. Show all posts

Tuesday 18 July 2023

A Level Economics 23: National Minimum Wage, Labour Markets and The Economy

The National Minimum Wage (NMW) is a mandated wage floor set by the government to ensure that workers receive a minimum level of pay for their labor. The NMW is designed to protect workers from excessively low wages and promote fair remuneration. Here's an explanation of the NMW, its rationale, its effect on labor markets, and the underlying assumptions:

  1. Rationale behind the National Minimum Wage:


    • Poverty Alleviation: The NMW aims to reduce poverty levels by establishing a minimum income level that enables workers to meet their basic needs, support their families, and avoid exploitation.

    • Reducing Income Inequality: By setting a floor on wages, the NMW seeks to narrow the gap between low-wage workers and higher-income individuals, promoting income distribution and social justice.

    • Ensuring Fairness: The NMW ensures that workers are compensated fairly for their labor and protects them from being subjected to unreasonably low wages, especially in industries where bargaining power may be unequal.

  2. Effect of the National Minimum Wage on Labor Markets:

    • Positive Impact on Workers: The NMW can improve the earnings and living standards of low-wage workers, reducing income inequality and enhancing economic well-being. It provides a safety net and may incentivize individuals to enter the formal labor market.

    • Potential Job Losses: Critics argue that the NMW may lead to reduced employment opportunities, particularly for low-skilled workers, as firms may be unwilling or unable to afford the mandated wage. This could result in job losses, reduced hiring, or shifts towards automation to replace labor.

    • Wage Compression: The NMW may compress wage differentials, as wages at the bottom of the income distribution rise. This could potentially create challenges in wage structures and career progression, affecting workers above the minimum wage level.

    • Market Adjustment: Firms may respond to the NMW by adjusting their pricing strategies, increasing productivity, altering their employment practices, or adjusting other non-wage benefits to manage labor costs.

  3. The impact of the NMW on labor markets is contingent upon several assumptions made by economists and policymakers. These assumptions include:


    • Competitive Labor Markets: The effects of the NMW are typically analyzed under the assumption of competitive labor markets, where supply and demand forces determine wages. However, if markets are not perfectly competitive, the impact may differ.

    • Elasticity of Labor Demand: The effect of the NMW on employment depends on the elasticity of labor demand. If labor demand is highly elastic, a higher NMW may lead to larger job losses. If labor demand is inelastic, the impact on employment may be less significant.

    • Labor Substitutability: The degree to which labor is substitutable with other inputs, such as capital or technology, can influence the effect of the NMW. Higher substitutability may result in firms replacing labor with other factors, potentially leading to job losses.

    • Compliance and Enforcement: The effectiveness of the NMW depends on the ability to enforce compliance. If firms can easily evade or circumvent the minimum wage requirement, the impact on labor markets may be limited.

It's important to note that the impact of the NMW may vary across different countries, sectors, and economic conditions. The effectiveness and consequences of the NMW require ongoing evaluation and consideration of these assumptions and empirical evidence to inform policy decisions. 


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The impact of the national minimum wage (NMW) extends beyond workers and can affect other economic agents and the wider economy. Here are some key impacts:

  1. Employers and Businesses:


    • Increased Labor Costs: The NMW raises labor costs for employers, especially those who employ a large number of low-wage workers. Businesses may need to adjust their budgets and allocate more resources to wages, potentially impacting profitability.

    • Pricing and Cost Adjustments: To offset the higher labor costs, businesses may increase prices for their goods or services. This can lead to increased inflationary pressures in the economy, affecting consumers' purchasing power and overall price levels.

    • Changes in Workforce Structure: Faced with higher labor costs, businesses may make strategic decisions to restructure their workforce. This could include reducing hours, downsizing, automating certain tasks, or reallocating resources to more productive areas.

  2. Consumers:


    • Cost of Living: If businesses pass on the increased labor costs to consumers through higher prices, the NMW can contribute to a higher cost of living. This may impact consumers' purchasing power, particularly for those on fixed or lower incomes.

    • Income Distribution: The NMW can help narrow income inequality by raising the wages of low-paid workers. This can potentially enhance the disposable income of low-wage workers, leading to increased consumption and improving their overall well-being.

  3. Government:


    • Tax Revenues: The NMW can affect government tax revenues. Higher wages may result in increased income tax revenue as workers move into higher tax brackets. Additionally, higher wages may reduce the number of individuals eligible for certain social welfare benefits, leading to potential cost savings for the government.

    • Social Welfare Spending: If the NMW lifts some workers above the income threshold for certain social welfare programs, government spending on income support programs may decrease.

  4. Overall Economy:


    • Aggregate Demand: The NMW can have an impact on aggregate demand. Higher wages for low-income workers can boost their purchasing power, leading to increased consumer spending. This, in turn, can stimulate overall economic activity and contribute to economic growth.

    • Productivity and Human Capital: The NMW can incentivize businesses to invest in training and skill development for their workers to enhance productivity and justify higher wages. This investment in human capital can have positive long-term effects on the overall productivity and competitiveness of the economy.

Sunday 18 June 2023

Economics Essay 101: National Minimum Wage

 Discuss the view that a national minimum wage is beneficial for an economy.

The view that a national minimum wage is beneficial for an economy is widely debated and depends on various factors and perspectives. Let's discuss some of the arguments supporting the benefits of a national minimum wage:

  1. Improved Standard of Living: One of the primary arguments for a national minimum wage is that it helps improve the standard of living for low-wage workers. By setting a floor on wages, it ensures that workers receive a certain level of income deemed necessary for a decent living. This can help reduce poverty and inequality, lifting individuals and their families out of hardship.

  2. Reduced Income Inequality: A national minimum wage can contribute to reducing income inequality within a society. By narrowing the gap between low-wage and higher-wage workers, it promotes a more equitable distribution of income. This can have positive social and economic implications, fostering social cohesion and reducing social disparities.

  3. Increased Consumer Spending: When low-wage workers receive higher wages through a national minimum wage, they tend to have more disposable income. This increased purchasing power can lead to higher consumer spending, stimulating demand in the economy and potentially boosting economic growth.

  4. Reduced Reliance on Welfare Programs: A national minimum wage can help reduce the dependence of low-wage workers on government welfare programs. By providing higher wages, it allows workers to rely less on social assistance, thereby reducing the burden on public finances.

However, it is important to consider the potential challenges and criticisms associated with a national minimum wage:

  1. Potential Job Losses: Critics argue that a higher minimum wage can lead to job losses, particularly in sectors with lower profit margins or where businesses rely heavily on low-wage labor. Employers may respond to increased labor costs by reducing staff, cutting work hours, or slowing down hiring. This can particularly impact small businesses and industries with limited pricing flexibility.

  2. Negative Impact on Small Businesses: Small businesses may face difficulties in adjusting to higher labor costs associated with a national minimum wage. They may struggle to compete with larger firms or face challenges in passing on the increased costs to consumers. This can potentially lead to business closures, reduced job opportunities, or increased prices for goods and services.

  3. Potential for Inflationary Pressure: A significant increase in the minimum wage can potentially lead to higher costs for businesses, which may be passed on to consumers through higher prices. This can contribute to inflationary pressures in the economy, eroding the purchasing power of consumers and potentially offsetting some of the intended benefits of the minimum wage increase.

  4. Regional and Sectoral Variations: National minimum wage policies may not consider regional or sectoral differences in living costs and economic conditions. Setting a uniform minimum wage across the country may not adequately reflect the varying economic realities, potentially leading to unintended consequences in certain regions or industries.

In conclusion, the debate on the benefits of a national minimum wage is complex and multifaceted. While proponents argue that it can improve living standards, reduce income inequality, and stimulate consumer spending, critics highlight concerns over job losses, negative impacts on small businesses, inflationary pressures, and the need for regional and sectoral considerations. The effectiveness and desirability of a national minimum wage depend on careful policy design, taking into account the specific context and economic conditions of the country in question.


Also, when discussing the impact of a national minimum wage, it is important to consider the role of globalization. Here are some additional points to consider:

  1. Global Competitive Pressures: In an increasingly globalized world, countries with higher minimum wages may face challenges in maintaining their competitiveness. Higher labor costs resulting from a national minimum wage can make domestic businesses less competitive compared to firms in countries with lower labor costs. This can potentially lead to job losses, reduced investment, and shifts in production to countries with lower labor costs, impacting domestic industries.

  2. Supply Chain Effects: Globalization has facilitated complex supply chains, with production processes spanning multiple countries. Implementing a national minimum wage may affect the cost structure of these supply chains. If a country's minimum wage is significantly higher than that of its trading partners, it can lead to cost increases in the production of goods and services, potentially impacting the competitiveness of industries reliant on global supply chains.

  3. Migration and Labor Mobility: Globalization has increased labor mobility, allowing workers to seek employment opportunities in different countries. A higher national minimum wage can attract migrant workers seeking better wages, potentially impacting the domestic labor market and employment dynamics. Additionally, businesses may choose to outsource or offshore jobs to countries with lower labor costs to offset the impact of higher wages.

  4. Multinational Corporations: Globalization has facilitated the growth of multinational corporations (MNCs) that operate across borders. MNCs may have operations in countries with different minimum wage levels, allowing them to adjust their labor costs based on local conditions. This can affect the impact of a national minimum wage on these corporations and their employment practices.

  5. Economic Integration and Trade Agreements: Countries engaged in regional economic integration or trade agreements may face considerations regarding the harmonization of labor policies, including minimum wages. Disparities in minimum wage levels between countries within such agreements can lead to concerns about fair competition and potential distortions in trade.

It is important to note that the impact of globalization on the effectiveness and desirability of a national minimum wage can vary depending on the specific circumstances and characteristics of the country. Policymakers need to carefully consider the interplay between national minimum wage policies, global market dynamics, and the potential consequences for domestic industries, employment, and overall economic competitiveness.

Monday 23 May 2022

India’s once-vaunted statistical infrastructure is crumbling

 The reasons are worryingly familiar writes The Economist



The modern Indian state has a proud statistical heritage. Soon after the country gained independence in 1947, the government resolved to achieve its development through comprehensive five-year plans. The strategy, though economically inadvisable, nonetheless required the creation of a robust data-gathering apparatus. In 1950 PC Mahalanobis, the leading light of Indian statistics, designed the National Sample Survey, which sent staff to the far corners of the vast country to jot down data regarding its mostly illiterate citizens. The survey’s complexity and scope seemed “beyond the bounds of possibility”, reckoned one American statistician.

Of late, however, admiration has been replaced by alarm. India’s statistical services are in a bad way. Across some measures, figures are simply not gathered; for others, the data are often dodgy, unrepresentative, untimely, or just wrong. The country’s tracking of covid-19 provides a grim example. As the pandemic raged across India, officials struggled to keep tabs on its toll. Officially, covid has claimed more than half a million lives in India; The Economist’s excess-deaths tracker puts the figure far higher, between 2m and 9.4m. India’s government has also hampered efforts to assess the pandemic’s global impact, refusing at first to share data with the World Health Organisation (who), and criticising its methods.

The preference for flattering but flawed figures is pervasive. In education, state governments regularly ignore data showing that Indian children are performing woefully in school and instead cite their own administrative numbers, which are often wrong. In Madhya Pradesh, a state in central India, an official assessment showed that all pupils had scored more than 60% in a maths test; an independent assessment revealed that none of them had. Similarly, in sanitation, the central government says that India is now free of open defecation, meaning that people both have access to a toilet and consistently use it. Anyone who takes a train out of Delhi at dawn and looks out of the window, however, might question the claim.

When it comes to poverty, arguably India’s biggest problem, timely figures are not available. Official estimates are based on a poverty line derived from consumption data in 2011-12, despite the fact that more recent but as yet unpublished numbers exist for 2017-18. By contrast, Indonesia calculates its poverty rate twice a year. India’s government explains its approach by pointing to discrepancies between recently gathered data and national accounts statistics—but many suspect the true reason is that newer data would probably show an increase in poverty.

In some cases, flawed data seem more a problem of methodology than malign intent. India’s gdp estimates, for instance, have been mired in controversy ever since the statistics ministry introduced a new series in 2015 (a change that was in the works before the current government entered office). Arvind Subramanian, a former government adviser, calculated that the new methodology overestimated average annual growth by as much as three to four percentage points between 2011-12 and 2016-17. Although current advisers insist that the official methodology is in line with global standards, other studies have also found problems with the calculations.

The erosion of India’s statistical infrastructure predates the current government, but seems to have grown worse in recent years. Narendra Modi, the prime minister, has previously bristled at technocratic expertise and number-crunching. (“Hard work is more powerful than Harvard,” he said in 2017.)

India’s data woes are also troubling for what they suggest about the ability of the state to provide the essential public services needed to foster long-run growth. The statistics ministry, short of staff and resources, is emblematic of the civil service. Data-gathering has become excessively centralised and over-politicised. A National Statistical Commission was set up in 2005 and tasked with fixing India’s data infrastructure. But its work has been complicated by turf wars and internal politics; it is widely considered toothless, including by former members.

Who’s counting

The situation is not hopeless, perhaps because of statisticians’ past efforts. According to the World Bank, the quality of Indian data is still in line with that of other developing countries, even after years of neglect. India’s new goods-and-services tax and digital-welfare infrastructure are yielding troves of data. Leading Indian statisticians argue that an empowered regulator could fix existing problems.

State governments and departments are also doing their bit. Telangana, a southern state, is investing in its own household surveys, for example. India’s rural-development ministry recently released a dataset covering 770,000 rural public facilities, such as schools and hospitals, inviting data whizzes to peruse the figures and suggest improvements. Civil society is also responding. During the pandemic, dozens of volunteers co-operated to produce granular, timely estimates of covid cases. New technologies could help gather data quickly and cheaply, over phones and tablets.

Yet in a modern economy there is no substitute for high-quality national data-gathering. The sunlight provided by accurate figures is often unwelcome for an increasingly autocratic government: transparency invites accountability. But neglect of the statistical services also leaves Indian policymakers flailing in the dark, unable to quickly spot and respond to brewing economic and social problems.

Wednesday 24 April 2019

Low national savings rates stores up trouble ahead for Britain

Households, companies and government are all in deficit for the first time since the 1980s writes Chris Giles in The FT

The Scottish economist Adam Smith described Britain as a nation of shopkeepers in his book The Wealth of Nations, published in 1776.

Today, the UK is simply a country of shoppers. Rarely has Britain been consuming so much and saving so little.

As a nation — which statisticians break down into households, companies and the government — Britain spends far more than it earns. On this measure, the UK borrowed 5 per cent of national income in 2015, according to the OECD, the Paris-based international organisation.

This implies that UK households, companies and the government spent 5 per cent more than they earned in that year and financed the deficit by borrowing from overseas.

 Britain was still borrowing 5.1 per cent of gross domestic product from foreigners in the third quarter of 2018, according to latest data from the Office for National Statistics on so-called sector balances. Since the 2016 EU referendum, every large sector of the economy — classified as households, companies and the government — has been in deficit at the same time: a situation last recorded in the boom years of the late 1980s.

Senior UK policymakers have long worried that running an economy on such low levels of national savings would be storing up trouble for the future, but they have often been at a loss to find solutions.
Mervyn King, former governor of the Bank of England, regularly expressed concern over Britain’s adeptness at consuming but felt he had to pump it up further at the BoE by keeping interest rates low for fear of a slump.

He called this a “paradox of policy” and noted an irony in his 2016 book The End of Alchemy that “those countries most in need of this long-term adjustment [to higher national savings levels], the US and the UK, have been the most active in pursuing the short-term stimulus”.

Such is the alarm over the lack of national savings that the ONS issued a stern warning in its most recent release about Britain’s accounts. Rob Kent-Smith, head of GDP at the ONS, said last month that “households spent more than they received for an unprecedented nine quarters in a row”.

Martin Weale of King’s College London, a former external member of the BoE’s Monetary Policy Committee, expressed concern that low rates of national savings would lead to future disappointment with living standards.

“National savings is important because if you have a situation where people want to retire you have to ask how they can do it,” Professor Weale said, noting that savings can come from many places — for example, companies’ contributions into defined benefit pension schemes.

“You can save for retirement, you can hope young people will pay for your retirement, you can decide not to retire, or I suppose you could retire and starve,” said Prof Weale. Happy countries, he added, tended to be those with high national savings rates.

Many economists are, however, not nearly as worried. David Miles of Imperial College London and another former MPC member said that low national savings rates might be a flashing warning light, but “the more one delves, if there is a problem, you won’t find it in the aggregate [national savings rate] number” produced by the ONS.

Instead, people should estimate whether households are saving enough for their future needs, companies are investing sufficiently for their long-term prospects and government is maintaining the fabric of the nation, Prof Miles added. In each case there will be some parts of each sector that are fine and others where there are problems, he said.

These issues show up in the measurement of individual sectors by the ONS: government borrowing is now at its lowest level since the early years of the millennium, for example. 

In the households sector, the fact that spending is now higher than income relates partly to low savings. But much of the trend is due to sharply rising investment in new homes, which counts towards spending, and paints a much less concerning picture of households’ finances because the sector ends up with valuable assets. Recommended UK economic growth UK economic analysis creates Goldilocks dilemma

But as a nation, one thing has changed for the worse — and this used to be Britain’s get-out-of-jail-free card.

Throughout decades of heavy borrowing by the UK from overseas, policymakers could say British investments abroad were more valuable than equivalents made by foreigners here. So the country’s net investment position — the overseas assets owned by UK residents compared with British equivalents held by foreigners — was positive.

That changed substantially after the financial crisis, and the net investment position is now persistently negative.

Samuel Tombs of Pantheon Macroeconomics said this means “the UK’s dependence on external finance will continue to grow and its stock of external liabilities will increase”.

As any company will verify, in a future downturn a weak balance sheet signals vulnerability and spells trouble.

Friday 12 August 2016

Nigel Farage or National Front or NF

A former friend of Nigel Farage in The Independent

Dear Nigel,


I won’t give my name – my family isn’t even aware I’m writing this and I wish to protect them. But I have a funny feeling you’ll know who I am.

At school, at Dulwich College in the late Seventies, we were close friends in our teenage years. I stayed at your house once – your mother did do a fantastic great British breakfast for us.

I remember the way you enchanted people at school, senior teachers and fellow pupils alike. Your English project on fishing enthralled everyone. I remember mine being particularly boring. You were and are a great speaker, for sure.

But I also remember other, darker things about you. There was a time when I used to look back and dismiss much of them as the amusing naughtiness of teenagers as we were, much like our old headmaster David Emms did.

I haven’t chosen to write before, but I simply have to now. I now wonder if there is a connection between you at 16 and you at 52. I don’t believe you have fascist sympathies now, but there are things that tell me your views might not have changed that much despite the many years.

I think there comes a time – however difficult it may be – when enough is enough. I remember those school days in the UK. As you know, teachers were concerned. You’ll remember being confronted three years ago by journalists who had a letter from the school teacher Chloe Deakin to Mr Emms. You’ll remember she was concerned about “fascist views”. Other teachers also had concerns, but none of them would have known you like your own peers, the friends you used to spend time with. 








Nigel Farage attended Dulwich College in the late Seventies (Creative Commons)


We hear much of “due diligence” in today's financial world, but had the teachers and headmaster of Dulwich investigated the concerns around your appointment as a prefect with your peers - as they would hopefully today in similar circumstances - they might have made a very different decision. They might not have brushed them under the carpet; they might have made you think a little more about your rhetoric; history might be a little different today.

For I vividly recall the keen interest you had in two initials of your name written together as a signature and the bigoted symbol that represents from the many doodles over your school books. Nigel Farage, NF, National Front. I remember watching you draw it. Just a laugh, eh, Nigel?

As the son of an immigrant family, your frequent cry of “Send em home” and mention of the name Oswald Mosley didn’t mean much to me either until much later when I learnt of the British Fascists.





The former friend says he saw Nigel Farage draw a version of the National Front logo on his college books


I remember you spending hours with spit and polish producing what were unquestionably the brightest pair of CCF (Combined Cadet Force) army boots in school. I also remember your snuff tobacco that you kept hidden from unwitting teachers.

But I also remember something altogether more alarming: the songs you chanted at school. In her letter Chloe Deakin mentioned reports of you singing Hitler Youth songs, and when you were confronted by that, you denied it.

But I do remember you singing the song starting with the words “gas them all, gas ‘em all, gas them all”. I can’t forget the words. I can’t bring myself to write the rest of it for it is more vile that anything the teachers at Dulwich would ever have been aware of.

I too think that things can be in the past and that people grow up from being naughty schoolchildren. Heaven help us if they didn’t, let's face it, but heaven help us if we believe all children do.

As someone wanting the EU to be challenged more robustly, I found myself thinking “Good on Nigel” for the amusement your speeches in the European Parliament gave us. Let's face it, mass migration and its management by the EU has been a consistent mess of mixed messages. You’re absolutely right to challenge the EU – it’s just people need to see the full picture — before aligning themselves to strangers, however charming their messages are.

From being a real fan, I found myself thinking more and more with every appearance of yours on television that we must be aware of false prophets. Notably, the image of a desperate line of refugees, photographed not even in England, showed me that Nigel Farage has perhaps not changed that much.

These people were used as live currency to further your cause to represent Britain being at breaking point from European immigrants – although those people were from outside of Europe. The imagery of a loss of control, hopelessness, of our own politicians not caring for us is the stuff of two world wars. I can hear you say “useless” in the way you used to.

As I have said, the immigration issue surely needs fixing, but you have shamefully used this picture.





Ex-Ukip leader Nigel Farage's use of refugees in the Breaking Point poster appalled his former friend (Reuters)


Seeing your gloating display post-referendum at the European Parliament just rammed home the point: it seemed here we had a bit of the Nigel I knew at school. Yes, you’ve fought 20 years and no one took you seriously – but let us have some humility. We now learn you will start touring other EU countries, beginning in Athens in September, to encourage them to follow your lead. I’m sure the neo-Nazis in Golden Dawn in Greece will cheer you loudly. The people of Greece, beware.

Oh, for the record, I’m not a blind Remainer. I’m more a 51 per cent reluctant Remainer. Yes, I see the many 21st century challenges with which the EU has failed to deal – immigration and “over-involvement” being the most obvious.

Who cannot see that having no common policy to deal with hundreds of thousands of immigrants is going to strain the most robust of institutions to its limits? Who cannot see that criminal elements within those hundreds of thousands are not going to use the cover of desperate people for their own personal gain or distorted beliefs?

But then again, don’t some politicians use the cover of people’s strife for their own gain or beliefs? Would we as a nation not be alarmed if we were to find out that a Muslim politician or teacher for example had made reference to forced repatriation or joked about beheading all non-Muslims as a teenager at school? Let’s hope schools are now taking action on the kind of comments you made at school.

But let me indulge you in a story. On a recent trip to Berlin, I found myself in a wonderful park in Spandau on the banks of the Havel. It was a windy day and a chap next to me was meticulously laying out some papers on a bench. But then a gust of wind sent them a few metres, happily straight into my hands.

He was incredibly grateful and strangely offered me some orange juice and a banana. I felt a little embarrassed.

And then I realised the papers on the bench were in fact asylum papers and the orange juice and banana in a park in Berlin meant more to him than I could ever imagine. He was a teacher of physics or something similar; it was the only thing I could deduce from his broken English.

I tried a little German but to this he just shrugged his shoulders and gave a hopelessly lost smile. He was a Syrian filling out papers for his family and, had my appointment contact not have arrived a few minutes later, I could have spent all day right there.

Perhaps he was in that infamous Leave poster you exploited to such effect? It’s easy to tar everyone with the same brush just because of a few criminals.

But neither am I someone with rose-tinted spectacles. Although this meeting in Berlin was a wake-up moment for me, I also know there are serious issues for Europe to solve. We really have been let down by our European leaders.

Perhaps people found no other way to represent their dissatisfaction with Europe and the very many things that need fixing other than embracing you? Is it our fault? No, sorry, there’s never an excuse for whipping up some racial animosity as a means to an end.

I think you’re a troublemaker. You were at school, you are now. But we need to beware of what’s whipped up.

In April 1981, we had the Brixton riots. They happened just up the road from our school. The images of rioting people, many of them from the racial minorities, made it easy to discriminate; many people did back then. The National Front was hugely popular by comparison to today. So, turbulent times back then… but have you not moved on?




Nigel Farage's schoolfriend believes East Germans celebrating the fall of the Berlin Wall in 1989 was true 'independence' (Getty Images)


I agree with you there are historic dates that change lives. I stood on the Berlin Wall on that wonderful day in 1989 and have 8mm ciné film I took that never fails to choke me: the images of euphoria, loud noise and waving flags of all colours. Those are real celebrations – and for good reason. I congratulate the German people on their achievement in integrating two by then divergent cultures. It has taken decades rather than the few years Helmut Kohl predicted, but from mutual animosity and envy on both sides, today the country bears little evidence of physical or societal difference.

After the referendum vote, you called for an “independence day” to mark the result. It’s an insult those good people in the real world who have died fighting real struggles for independence. I hope the nation sees just as I do that we have allowed ourselves to be enchanted by the charismatic and populist against plainly obvious EU failings without any real thought as to the background and objectives of the people delivering the messages.


Déjà vu, I'm afraid.