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Jacob Rees-Mogg says Brexit will give Britain a £135bn windfall as he launches his own Budget for leaving the EU

JACOB Rees-Mogg says Brexit will give Britain a £135billion windfall as he gets set to launch his own Budget for leaving the EU. The Tory backbencher is launching a report alongside the Economists for Free Trade group saying quitting the bloc will be “overwhelmingly positive” for the economy – as long as the Government adopts […]

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JACOB Rees-Mogg says Brexit will give Britain a £135billion windfall as he gets set to launch his own Budget for leaving the EU.

The Tory backbencher is launching a report alongside the Economists for Free Trade group saying quitting the bloc will be “overwhelmingly positive” for the economy – as long as the Government adopts the right policies.

Jacob Rees-Mogg says Brexit will give Britain a £135bn windfall as he gets set to launch his own Budget
PA

The findings are sharply at odds with most mainstream economists – but Mr Rees-Mogg will say at its launch this morning official forecasts are based on “false assumptions” of the Treasury.

And the prominent Leave supporter says the outlook for the public finances is “much better” than the Office for Budget Responsibility is predicting.

He will urge Philip Hammond to double the Treasury’s spending to £500million on preparations for Britain quitting the EU without a trade deal.

And further £2billion contingency fund should also be set up to ensure the Government can withstand any unexpected financial turbulence.

He will urge Philip Hammond to double the Treasury’s spending to £500m on ‘no deal’ preparations
Getty

His intervention comes as several of his fellow Brexiteers have become concerned Mr Hammond is pushing for a softer Brexit – including Cabinet ministers Boris Johnson and Michael Gove.

The EFT – headed by Professor Patrick Minford – says the priority for the Government should be to bring down trade barriers with the rest of the world once Britain has left the EU while reducing the burden of regulation and taxation on firms and individuals.

It argues a “dynamic stimulus from classic free trade” combined with continued restraint in public spending could provide “post-Brexit fiscal freedom” worth £135billion between 2020 and 2025.

With a further £4 billion a year from 2025 – including £10billion a year saved by no longer having to pay into EU budgets.

The prominent Leave supporter says the outlook for the public finances is ‘much better’ than the Office for Budget Responsibility is predicting
AFP

In his speech, Mr Rees-Mogg will say: “This is a free trade approach that focuses on consumers, not producers; one that will generate gains to consumers seven times the cost to producers.

“This is a classical view of the world that has economic history and the latest economic modelling on its side.

“This is a free trade approach to Government which believes Britain’s greatest days lie before it and not behind it.”

He will say the report’s recommendations would lead to an intensification of competition in the UK economy, resulting in a stronger performance than the latest OBR forecasts are expected to show when they are released alongside the Budget on November 22.

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With Angela Merkel and the rest of Europe in crisis, it’s time for Britain to get tough

I SOMETIMES wonder if we will have a chance to leave the European Union before the European Union ceases to exist. It would be a shame if that happened, after all the trouble we went to with our referendum. And these endless negotiations. There’s still an outside chance of that happening. Europe is deep in […]

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I SOMETIMES wonder if we will have a chance to leave the European Union before the European Union ceases to exist.

It would be a shame if that happened, after all the trouble we went to with our referendum. And these endless negotiations.

AFP or licensors
It’s time for Theresa May to get tough on the weakened EU[/caption]

There’s still an outside chance of that happening. Europe is deep in crisis.

The Germans have just realised that Angela Merkel is about as much use as a bratwurst in a mosque. They turned away from her party at the last election to the far right and the far left. She can’t form a coalition. There will have to be new elections — expect the right-wing party, Alternative for Deutschland to prosper.

This is Merkel’s fault for foisting on her country — and Europe — an immigration policy which almost everybody hates.

Alamy Live News
Angela Merkel is about as much use as a bratwurst in a mosque[/caption]

“Willkommen,” she said. “Let them all come! Champagne for everyone!” And then suddenly changed her mind when she saw the realities.

Germany is surrounded on the east, south and north by countries which oppose immigration, full stop. Poland, Czech Republic, Hungary, Slovakia and now Austria, with its new government.

The EU has tried to punish the governments of some of these countries for daring to oppose the liberal mindset.

Getty Images - Getty
Many Germans are against Merkel’s immigration policy[/caption]

It supported the fascist oppression of the Catalan independence movement in Spain, with its leaders all under arrest. It will do anything at all to get its way.

But it is visibly coming apart at the seams. The people of Europe do not want to see an end to the nation state, which is the goal of the EU. They are rebelling — and about time.

And just wait for the Italian elections next year and the rise of the Eurosceptic Five Star party. The EU cannot hold back this tide of resentment. It will try, brutally, to do so, but it will not succeed.

Because its vision isn’t working. It’s bringing misery.

PA:Press Association
Britain must show its resolve as the EU falters[/caption]

So where does this leave us?

In a very strong position, I would suggest.

Time for our Government to stop its calamitous in-fighting and take a tough line in our negotiations.

Don’t up the bribe we are meant to be bunging them. This ludicrous, unitemised bill they are demanding we pay.

As a senior German politician said this week, why on earth should Britain pay a penny when it doesn’t know what it’s getting in return? (Make that man Chancellor, you Germans).

And we certainly shouldn’t sign up to any deal which involves us accepting the EU’s rules and regulations. That’s not why we’re getting the hell out, is it?

Reuters
Time to play hardball, Theresa[/caption]

The answer is to play hardball. Walk away. The EU needs our market-place rather more than we need its marketplace.

The EU is trying to punish us because we had the good sense to leave. We have to show them that we are not about to be bullied.

The way the EU is right now it is in no position to do very much about it and it doesn’t want another crisis on its hands. The continent is effectively leaderless.

Sorry to be slightly selfish about it — but let’s take advantage.

 

Rotten egg idea

Splash News
Rita Ora is saving her eggs for the future[/caption]

RITA ORA is apparently having her eggs frozen.

The 26-year-old singer wants them put aside so she can have children later. Okey dokey, fair enough. But keep them hidden, Rita.

Splash News
Let’s hope they don’t end up in an omelette[/caption]

Don’t put them in the fridge. Or you might come down one morning to find your fella eating a strange looking omelette.

“Are these free range, love? They just taste a bit off to me.”

DIM Bint of the Week Award goes to the Government’s former mental health “tsar”, Natasha Devon.

She told an audience of headteachers  they should never refer to girls as . . . um . . . girls,  because it “reminds them of their gender”.

You know, Tash, I think the girls are well aware of their gender.

And comfortable with that knowledge. Perhaps unlike you. When is this gender-obsessive madness going to end?

RoadAir will be lighting up sky

BRITISH AIRWAYS is to board people according to how expensive their tickets were.

I suppose that’s OK for those who bought business-class tickets.

PA:Press Association
Forget BA and fly RodAir[/caption]

But for the rest, isn’t it just rewarding stupidity?

I might set up an airline. RodAir. At the departure gate you will hear the following announcement:  “We would first like to invite passengers with young children to tell them to shut the f*** up and preferably get another flight. We will begin boarding with middle-aged men. Smoking is, of course, permitted throughout the flight.”


– A CATHOLIC school in Australia commissioned a lovely statue of a saint and a little boy. Look at it on page 37.

The saint is very kindly offering the child bread. It’s definitely a loaf, it’s got those indentations all along it.

I suppose it’s the fact it’s outside a Catholic school that made some people reach for the wrong conclusion.

I wonder if that was in the mind of the sculptor when he set to work?


A GRAMMAR school in Kent has created an “unsafe space” where the kids can hear opinions which may be provocative.

The Simon Langton School in Canterbury wishes its pupils to be well informed. To hear opposing views and difficult views. Needless to say, it’s been attacked by The Guardian, which loathes the notion of freedom of speech. But isn’t it terrifying that this is the only school in the country which dares do this? And even more terrifying that it’s now being howled at to stop?

Give this shop a red card

BOUGHT your Christmas cards yet? Here’s a tip, don’t buy them from Paperchase.

The firm has just given in to a tiny, far-left organisation called Stop Funding Hate. These people want to decide what you are allowed to read in your newspapers.

Alamy
Paperchase crumpled after pressure from far-left group[/caption]

It has barely any support, but it complained to Paperchase after it placed a promotion in the Daily Mail.

It doesn’t like the Daily Mail because it doesn’t agree with its politics, so it should be put out of business. Unbelievably, instead of telling Stop Funding Hate to get stuffed, Paperchase apologised.

Spineless and immoral. Also, it’s cards are crap.

Sarnies treat is derailed

GOT very excited last week.

Travelling first class from Darlington to London, paid for by the BBC. You get a free sandwich in first class, and I do like free sandwiches.

The train was stuck in Doncaster for ages. Eventually, a steward appeared and I asked him why we weren’t moving.

Getty - Contributor
No train treat after troublemaker threw them out the window[/caption]

The steward told me the police had been called to evict a troublemaker from the train. “OK,” I said . . . “Incidentally, when do I get my sandwich?”

The steward looked a bit sheepish.

“That’s the reason we had to chuck the bloke off. He sat on the first class sandwiches and threw the rest out of the window. So we haven’t got any.”

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How Angela Merkel’s crisis in Germany has come at the worst possible time for Theresa May’s Brexit negotiations

ANGELA Merkel’s crisis in Germany has come at the worst possible time for Theresa May’s Brexit negotiations. With talks on the so-called EU “divorce bill” on a knife-edge, the Chancellor’s failure to secure a coalition government means moving on to getting a trade and transition agreement could be delayed further. Her potential removal from office […]

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ANGELA Merkel’s crisis in Germany has come at the worst possible time for Theresa May’s Brexit negotiations.

With talks on the so-called EU “divorce bill” on a knife-edge, the Chancellor’s failure to secure a coalition government means moving on to getting a trade and transition agreement could be delayed further.

Angela Merkel’s crisis in Germany has come at the worst possible time for Brexit
AFP

Her potential removal from office after more than a decade as Europe’s most powerful figure could also usher in a less-friendly face at the heart of the talks.

News of her trouble comes ahead of the crucial European Council meeting on December 14-15 – where the Prime Minister hopes fellow European leaders will finally agree that “sufficient progress” has been made on the first stage of talks.

One of the issues reported by British negotiators is the hard-line stance of German officials, while the Chancellor has often taken a softer stance.

But with Ms Merkel likely to still be fighting for her political future by the time the EU council meets next month it seems unlikely she will make a decisive intervention in the UK’s favour.

The PM had hoped Ms Merkel would help agree sufficient progress had been made to move on to the next phase
Getty

This could mean another failure to agree that the talks could move on to the second phase, which would then not start until March – leaving just a year left until the end of Article 50 and we exit the Brussels bloc.

It therefore raises the possibility of a “no deal “scenario, which could cause panic among businesses and investors, who are keen for the UK to get down to hammering out a transitional agreement s as soon as possible.

The other issues is that the collapse of the talks in Germany mean their next Government could end up being even more pro-EU.

Brexiteers had hoped the Free Democrats would go into coalition with Ms Merkel’s Christian Democrats, and help push for a more pragmatic approach to the EU-UK talks.

Chancellor’s failure to secure a coalition government means moving on to getting a trade and transition agreement could be delayed further
EPA

But its leader Christian Lindner, who has voiced his opposition to President Macron’s plans for more  eurozone integration, walked away from forming a government and caused the crisis in Berlin.

However it might not be all doom and gloom for Brexit, as some Tory MPs think in fact that a weakened Ms Merkel could hand us a better deal.

Brexiteer MP Jacob Rees-Mogg told the Mail: “The political weakness of the strongest EU state makes our negotiating position stronger.

“With manifold domestic troubles not just in Germany, member states need a deal more than we do.”

She met the German President today after coalition talks failed overnight
AFP

Tory MP Nigel Evans said: “I don’t glory in Germany’s political crisis. When people point to Theresa May as being weak, if they want to see weak government go to Berlin.

“I want to see a strong Germany and a strong Britain. Angela Merkel needs to start concentrating on her own domestic agenda and tell Jean-Claude Juncker and Donald Tusk to get on with it.”

And Mansfield MP Ben Bradley said: “Domestic politics are clearly going to be the top of Merkel’s agenda for the time being though ironically her challenge is a similar kind of tension to the UK – balancing the need to appeal to both the middle-class left leaners and the typically working-class AfD voters.

“Let’s hope it gives Ms Merkel and incentive to get the ‘divorce deal’ part of the Brexit deal sorted ASAP so she can concentrate on things at home.”

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EU finance bosses threaten to stop banks doing business in Europe if they don’t move staff out of London

EURO finance bosses are threatening to stop big banks operating in Europe after Brexit, it emerged today. London-based banks are preparing to set up new branches on the Continent to allow them to continue working seemlessly throughout the EU. But regulators have warned that some firms are proposing “empty shells or letter box banks” rather […]

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EURO finance bosses are threatening to stop big banks operating in Europe after Brexit, it emerged today.

London-based banks are preparing to set up new branches on the Continent to allow them to continue working seemlessly throughout the EU.

The European Central Bank has warned banks they must transfer operations to the EU
AFP or licensors

But regulators have warned that some firms are proposing “empty shells or letter box banks” rather than genuine independent subsidiaries.

In a message published last night, they hinted they will try to stop banks doing business in Europe if they don’t transfer more of their staff and cash outside Britain.

EU leaders such as Emmanuel Macron are keen to grab a slice of the lucrative finance industry after Brexit.

Currently, every large global bank runs most of its European operations from the City of London.

Canary Wharf
London is currently Europe’s main financial hub
Reuters

But the European Central Bank has ordered institutions to set out plans to relocate part of their business to the Continent.

The latest message from the ECB said that some of the proposals involved “empty shell that is overly reliant on group entities in third countries”.

Some banks are apparently trying to avoid moving their operations out of London.

They have proposed transferring all European-based trades to Britain as soon as they are made, so that their City office still bears most of the risk.

But the ECB said: “In practice, this would mean that the banks in question were fully reliant on the third-country entities.

“In terms of supervision, the ECB is not comfortable with such an approach, which, as the recent past has revealed, could create risks in crisis situations where local capabilities may be crucial to continue operations.”

The bank also warned that the staff of European branches of large banks should be based full-time in the EU, rather than working remotely from London.

Theresa May is keen to strike a Brexit trade deal which will keep financial services flowing between Britain and Europe.

But Paris, Frankfurt and Dublin are all hoping that bankers will relocate to them rather than staying in London.

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