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Tory Brexit has decimated the UK’s financial industry – and YOU will suffer the consequences

This is UK money: enjoy the sight of it because it is currently being turned into Euros and we are never likely to see as much of it again – and you have Boris Johnson and his Conservatives to blame.

Wow. Boris Johnson’s insistence on his silly Brexit deal has meant the one industry in which the UK remained a world leader – finance, is falling.

More than 440 financial firms have shifted thousands of jobs and £1 trillion of assets out of the UK and into the EU because of Brexit.

That’s about 10 per cent of the total assets held by the UK banking system – meaning that our banks have been decimated, according to the classical definition of the term (decimation, in army terms, was the killing of one in every ten of a group of people as a punishment for the whole group).

And worse is to follow, according to research from the New Financial think tank.

Boris Johnson’s Brexit deal didn’t cover financial services, you see. He relied on “blue sky” daydreaming that a separate deal could be reached with the EU. This dream has turned into a nightmare with the EU refusing to give ground.

7,400 jobs have moved from the UK to the EU – and are not likely to be replaced.

And the UK is set to lose much of its £26 billion annual financial trade surplus, meaning the nation’s balance of payments (the difference between profits from exports and payments for imports) is likely to slip much deeper into the red.

It’s further evidence of a bizarre Tory policy – to give all of the UK’s business assets to foreign firms and governments.

The privatisation of UK industry – begun under the Thatcher governments and continuing to this day – has taken ownership of firms away from the general public and placed it mostly in the hands of foreign organisations.

Firms run by the governments of EU countries now run most of our railways, water services, and (I seem to recall) power supplies. Now our banking services are set to atrophy.

And of course, it will be ordinary working-class UK citizens like you and This Writer who will suffer.

Businesspeople always pass the consequences of their failures down. That’s why Tories have been able to persuade so many voters that pay rises for the workers are a bad idea – the bosses would not forgo their profits to support them but would hike their prices instead.

With less cash coming into the UK via the banks, the ultra-rich parasites will be looking for new ways to suck money out of us.

The result will be the impoverishment of the UK. We will be a once-great nation destroyed by political midgets with over-inflated opinions of themselves.

Source: Banks and insurers move £1 trillion of assets out of UK due to Brexit | The Independent

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The Tories have pushed public debt past £2 TRILLION after they promised to eliminate it

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“Spaffed up the wall”: Boris Johnson’s phrase – inappropriately applied to public money used to investigate child abuse – may now be more correctly applied to his own government’s use of all public funds..

Remember when the national debt was just £950 billion and the Tories slithered into office with a claim that they would eliminate it?

What happened?

George Osborne – remember him? – promised that he would eliminate the national deficit (regular borrowing by the government) by 2015, and would then reduce the debt.

He never did. And now he’s nowhere to be found.

And the national debt is now more than double what it was in 2010.

The Tories will say it’s because of the cost of the Covid-19 crisis – which they have increased exponentially by involving inept private health companies that have failed to carry out a single task adequately.

They may say it’s due to the cost of Brexit – which Boris Johnson pushed on us with a campaign of lies back in 2016 and which has cost us more in four years than we paid in more than 40 as an EU member state.

And they will certainly try to blame the Labour government of 1997-2010 and the international financial crisis that happened during that period, which had nothing to do with Labour policies.

They’ll also say a Labour government would have made matters worse, even though they have squandered more money in the last 10 years than was ever spent by every Labour administration the UK has ever had.

And don’t forget that Labour has reduced the national debt when in office, which is more than the Tories have done in our collective lifetime.

The BBC article is full of Tory apologists saying there was nothing they could do, but it simply isn’t true.

The Conservative Party has, in the words of Boris Johnson “spaffed up the wall” all the public money it could get its hands on, and then borrowed more than a trillion pounds more.

And ministers will say that you have to pay it back.

Source: UK government spending on virus measures pushes debt to £2 trillion – BBC News

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

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Buy Vox Political books so we can continue
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The Livingstone Presumption is now available
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HWG PrintHWG eBook

Health Warning: Government! is now available
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HWG PrintHWG eBook

The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:

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