BREXIT

'We need to remind ourselves that we are running a 6.9 per cent of GDP external account deficit, and that has to be funded somehow. It has been funded by an extraordinarily successful run of foreign direct investment into the UK – more than into any other country in the European Union. That has slowed as uncertainty around the referendum has been created. We now need to generate the confidence to allow it to resume.'

- Philip Hammond, Chancellor of the Exchequer, speaking yesterday in reference to the Japanese takeover of ARM, Britain's last major technology firm, a world leader in the design of silicon chips and responsible for more patents being lodged each year than most of Britain's major companies (including BAE and GlaxoSmithKline).


A spokesman for Theresa May has said: 'This is clearly a vote of confidence in Britain. It will be the biggest-ever Asian investment in the UK. This is good news for British workers, good news for the British economy'.

Hermann Hauser, a founder of ARM, said: 'This is a sad day for technology in Britain … the determination of what comes next will not be decided in Britain any more, but in Japan'. ARM was one of three major technology firms based in Cambridge. The other two firms have likewise been taken over by foreigners in recent years (one takeover has already gone sour).

The argument is being advanced by the ARM chairman, Stuart Chambers, that since half of ARM's shareholders are already foreigners then it does not matter if the firm is put under foreign control. Stuart Chambers, as chief executive, sold off the firm Pilkington Glass to the Japanese ten years ago. Pilkington Glass has had both its production and workforce decimated since the takeover. The buyers of ARM have made some promises about keeping the firm's headquarters in Britain and that they intend to double the workforce over the next five years.

Meanwhile, the Chinese have bought up the Odeon and UCI Cinemas Group, and the Poundland stores chain has been sold off to a foreign firm. The sale of the London Stock Exchange to the German Deutsche Boerse is proceeding.

Not only do the shareholders and directors stand to make a windfall from these foreign takeovers, so do the banks. The sale of ARM is expected to result in banking fees totalling £90million. The sale of the London Stock Exchange is set to result in banking fees of no less than £235million. It is the directors and bankers who do best out of these deals, as the shareholders are selling shares in return for cash; they have more cash but lose the current and future value of the shares. The directors and bankers are manufacturing fees and commissions etc. They do not lose anything and stand to make massive profits.

On another issue, the new Home Secretary, Amber Rudd, has watered down the Tory commitment to reduce immigration. She has said that it needs to be reduced to 'sustainable levels' and this was her 'aim at the moment', pointedly refusing to commit to the previous target of reducing net immigration to the tens of thousands. Immigration was a major issue in the EU referendum.

Theresa May has moved swiftly and decisively to change the government into a creature of her own making. She has rightly sacked Osborne and rooted out a number of his cronies. She has reorganized the departments, in particular with a new department to focus on leaving the EU. Brexiteers have been tasked with realizing Brexit.

However, nothing has been done to actually get out of the EU. Despite being able to assume the premiership two months sooner than expected, still there remains an insistence that Article 50 will not be triggered until next year. They are stalling. Meanwhile we keep making payments to the EU and the trade deficit continues – month in month out.

Regarding immigration, it is mass immigration as usual and there is no drive of any description to get it down – from either the EU or the rest of the world. The talk is still of 'controlling free movement' of immigration from the EU.

Regarding trade, the stance of Philip Hammond, demonstrated by the quote above, is that the government will continue selling off assets and borrowing to fund an ongoing balance of trade deficit. There is no recognition that this is unsustainable. There is no attempt to pay for imports by selling exports. The trade issue is restricted to airy talk of free trade deals.

Throughout the EU referendum the English Rights Campaign blog focused on the ruinous nature of the Osborne national bankruptcy model and how the post-Brexit policy needed to be one of balanced trade. The trade deficit with the EU is massive. Brexit offers the opportunity to deal with this problem. Instead, the May government in its entirety is immersed in the mantra of free trade. A free trade deal with the communist Chinese is being touted, despite the illegal and highly protectionist nature of that regime; a free trade deal with China would not be worth the paper it is written on and the huge deficit with China would balloon.

Despite the victory for Brexit in the referendum, the Ponzi Class have retained control. The May government is determined to adhere to Ponzi economics. Consequently, the Brexit policy will be a missed opportunity. Despite the reorganization of personnel and departments, the ideology remains unchanged. Political correctness remains supreme. Failure is therefore inevitable. Britain's decline will continue.