Page 33 - DIY INVESTOR MAGAZINE - NOVEMBER 2018
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     SO, WHAT HAPPENS NEXT?
An emergency EU summit will be held on 25th November, where EU leaders are expected to sign off on the withdrawal agreement and future relationship declaration, as well as gloating over their victory; no doubt toasting it with Krug champagne and not Chapel Down sparkling wine.
After that humiliation the PM needs to get the capitulation through parliament. Mrs May does not have a Commons majority and many MPs on her own side, along with members of the Labour party and the other opposition parties, are at best sceptical about her Brexit plans, and at worst openly hostile to them. The DUP, which Mrs May relies on in key votes, has already said
it is likely to vote against it, claiming it will lead to the break-up of the United Kingdom.
Several Conservative MPs have also said they will
vote against it, a number of backbench Tories are calling for the prime minister to stand down, and there could be more resignations from the cabinet. Another Conservative MP has handed a letter of no- confidence to the 1922 committee; 48 are required to trigger a leadership challenge.
In addition, Jacob Rees-Mogg, chair of the European Research Group, which represents about 50 Tories pushing for a harder Brexit, has submitted a letter to the 1922 Committee, requesting a no confidence vote in the PM. Boris has been keeping his thatch down. Downing Street’s best hope, perhaps only hope, is that the capitulation is the only choice presented to MPs, and that the PM’s version of Brexit or no-deal, will frighten enough waverers into backing our defeat.
‘SHOULD THE COUNTRY BE SOLD DOWN THE RIVER BECAUSE MPS ARE TOO SPINELESS TO STAND-UP FOR THEMSELVES?
The question is should the country be sold down the river because MPs are too spineless to stand-up for themselves? They speak-up, tell the PM this is a bad deal, and vote it down.
If the PM loses this vote, what then? Given her obdurate behaviour to date, she will likely try and cling onto power by attempting to renegotiate with the EU; otherwise known as the most forlorn of forlorn hopes!
Fortunately, it is hard to imagine the Conservatives standing by a thoroughly discredited, lame duck lead- er; she will have to resign, leading to a general election and/or a new prime minister.
On both sides of the House there are MPs hoping the PM will head-off this almost inevitable charade by post- poning Brexit day and calling another referendum. Whilst I would be totally in favour of this, and given, that she has negotiated one of the worst deals in history, that is what should happen. But this PM who has constantly ruled out this option, seemingly determined to take us all down with her.
As someone said to me yesterday, she doesn’t care what people think of her, what he could have said is that she just doesn’t care so long as the she is in charge. Now in summary I turn to history; this quote was origi- nated by Oliver Cromwell, when addressing parliament, and repeated in the Commons in 1940 by the respected Conservative backbencher, Leopold Amery:
”You have sat too long here for any good you have been doing. In the name of God, go!”
1Those of you that enjoy trying to identify the lyrics in my weekly updates will sense more than a little anger, so who better to express it that than those bad boys the Sex Pistols. The lyric is from their ‘tribute’ to record company EMI which dropped them after, the ‘Bill Grundy interview’ and other misdemeanour’s – couldn’t upset the share holders don’t you know.
The eagle eyed may have spotted a bonus ball sneaked into the title – ‘Ever get the feeling you’ve been cheated? Good night!’ Was Mr Rotten’s sign off at the end of the last Sex Pistols concert, Winterland Theater, San Francisco, California. Oh, by the way, it was 40 years ago; still get into those bondage trousers? So Never Mind the Bollocks at Westminster – here’s the Sex Pistols.
Philip Gilbert is a city-based corporate financier, and former investment banker.
Philip is a great believer in meritocracy, and in the belief that if you want something enough you can make it happen. These beliefs were formed in his formative years, of the late 1970s and 80s
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