A Divided UK?

racism

National Front supporters Calling for Foreigners to be deported. This is one day after the referendum result- from someone on Twitter! Thanks.

Populist “racist” Boris Johnson once said that London should be allowed to keep more of it’s money; he may now get his wish after his beloved city voted to stay in the EU. I am not a fan of big banks but my anger tends to be more directed to their directors rather than staff – even those on the trading desks who are simply doing a job. Also I have seen here in Luxembourg and in Germany, that big banks can be good! Banking issues aside London contributes 22% of UK GDP and exports €92bn per year; which is more than Belgium. On the other side Scotland is Europe’s 12th largest economy, with a diverse set of industries including banking, IT, shortbread and whiskey.  Although I accept Scotland cannot do it on shortbread alone. The matter is however complicated by the fact that the majority of Scottish exports go to England.

The irony perhaps is not lost on most of us, while England (which we must respect) voted clearly to leave the EU, London and Scotland did not. Indeed both in addition to sharing this political view have made it clear that they welcome foreigners; this is in stark contrast to the racist abuse  being handed out in Newcastle (see picture above).  There are also strong links within the financial sector, with many leading London banks having significant operations in Scotland. Indeed, Morgan Stanley has already been forced to deny that it is planning 2,000 job cuts and if rumour is correct the banks already had a plan to move up to 80,000 jobs out of London in the event of a vote for Leave. Indeed UK financial services could in two years time be denied the right to trade in Europe! I cannot see the City of London taking that lying down.

I will come to the violent issue of Northern Ireland later…

 

About Rod McCall

Rod McCall is a researcher in the field of human-computer interaction in areas such as augmented reality, mobile gaming in-car systems and virtual environments. He has a passing interest in economics after not being entirely convinced by the rubbish presented as fact during lectures on that particular subject while at uni.
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