TODAY’S FAYRE – Monday, 25th September 2017
“If I should die, think only this of me:
That there’s some corner of a foreign field
That is for ever England. There shall be
In that rich earth a richer dust concealed;
A dust whom England bore, shaped, made aware,
Gave, once, her flowers to love, her ways to roam,
A body of England’s, breathing English air,
Washed by the rivers, blest by suns of home.
And think, this heart, all evil shed away,
A pulse in the eternal mind, no less
Gives somewhere back the thoughts by England given;
Her sights and sounds; dreams happy as her day;
And laughter, learnt of friends; and gentleness,
In hearts at peace, under an English heaven.”
Rupert Brooke – poet & soldier – 1887-1915
I was in good order first thing until a cab driver thought I came down with the last shower, resulting in him taking me all over ‘hell’s-half-acre’ to get me to my destination. It also took twice as long as it should have and at almost twice the cost. However I have recovered my equilibrium.
Now to affairs of state! Chancellor Merkel, as expected was returned for a fourth time over the weekend’s General Election with greatly reduced support. She only polled 32% of the popular, though that was 12% ahead of her nearest rival. Interesting to note that despite capturing 42% of the vote PM May is terribly vulnerable due to various pariah factions in the Tory party. Andrew Neil makes the salient point that Berlin will now be paralyzed for weeks/months as Merkel tries to form four-party coalition, inhibiting her ability to help Macron or May! Not so sure that she wants to help PM May. I would have thought that hell had a better chance of freezing over than the EU adopting a softer tone to the negotiations, despite Mrs May conciliatory presentation in her speech.
No one should be surprised that the Far-right found their voices in the back of their larynxes. Immigration in so many respects should not be a problem, but if you don’t have contingency plans for a huge in flow in terms of accommodation, schools and healthcare, it then becomes a HUGE problem and so it has! If you ship in 1.3 million refugees and put most of them in East Germany where wages are lower without infrastructure, a protest vote will manifest itself and it has with a vengeance. Also when one considers what happened at the Referendum, the US Presidential Election and the UK General Election, it is becoming crystal clear that the ‘Establishment’ is not the flavour of the month. Until the EU understands that it has to control immigration unless each country has the infrastructure to support it, the problem will continue to become acute!
So the Labour Party Conference is now under ‘a wet sail’, with more enthusiastic delegates attending than in living memory. The educated ‘left’ are on a roll, with that ‘prophet of doom’ Owen Jones to the fore, spreading his personal brand of bile amongst the party faithful. Their dreams are fanciful. However the way the Government is currently performing, it looks as though we may have to dive in to a vortex of despair for 5 years, to realise how damaging a left-wing Labour government would be to the UK economy. It’s an awful price to pay for the indulgence of whimsical intellects!
Certainly Labour’s financial front bench got off to a terrible start at Conference as far as business and the City is concerned, but the party faithful will be delighted. John McDonnell served notice on BBC Today that Parliament would decide the compensation for re-nationalising water. That is outright theft. There is already a legal/commercial procedure. The introduction of a transaction levy on all financial deals is a death warrant for the City and its prowess as a leading financial centre. Finally John McDonnell was telling the Sunday Times how confident he was of picking up investment for technology from fund managers. When they take a deeper look at his policy ideals there may be a change of heart even though his understanding may be a figment of his imagination.
At 9.50am the FTSE 100 is down just 12 points at 7298 having been down 35 points at the open. Dealers and analysts are contemplating their navels – over or undersized – a typical Monday morning non-event!
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