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Vote Leave has tied itelf to the most dangerous form of Brexit It has not been a good week for the Remain campaign.
Immigration has come to dominate the narrative, to the price pandora charms obvious discomfort of Remainers; the polls have again narrowed, with some now giving Leave a slight lead; Cameron was given a roasting on Sky TV; and to cap it all, Jeremy Corbyn has blundered into the debate, ostensibly on the Remain side, only to condemn Remain's key campaigning message on the damage leaving might do to the economy as scaremongering nonsense. His intervention was so ridiculous as to make you think he must be a Leave campaign plant. Remain would do well to lock himin a cupboard until the referendum is over. In another column last week I said that Cameron had opened Pandora's Box by using the promise of a referendum as where can i find a pandora bracelet a device to win the general election. With Vote Leave's commitment to introduce a points system for immigration, we can begin to see why. For large parts of the country the prospect of immigration controls pushed exactly the right buttons, even if it is not something which is actually in the Leave campaign's gift. The referendum is not a general election, nor are Vote Leave campaigners a government in waiting, however much it might look that way. Whatever the terms of Britain's departure from the EU, they would eventually have to be sanctioned by parliament. In any case, it is by no means clear that a points system would in practice be the correctresponse to the immigration problem. It's already applied to non EU residents, and little good does it seem to have done either. There is no reason to believe that officials sitting in the Home Office would be any better at deciding what level of immigration, and what skills, are most appropriate to Britain's economic needs than today's market driven approach, with 500 million EU citizens free to come and go as they please. To the contrary, it is virtually certain they would be markedly worse. A high skill German IT specialist is unlikely to take kindly to the idea of having to apply for a visa to work in London. The danger is that the business would move to him, rather than him to us. Yet the real problem for Vote Leave is that by promising to do something about immigration, campaigners have in effect ruled out the least economically dangerous way of disengaging from the EU, which is like Norway via membership of the European Economic Area. Membership of the EEA would enable some of the benefits of leaving while guaranteeing continued access on present terms to the single market, albeit with little say in its rules. Unfortunately, any such an arrangement is incompatible with the introduction of immigration controls. The single market cannot be disentangled from the principle of free movement. To continue with free movement after a vote to leave would therefore be to win the referendum on a false prospectus. Yet to leave the single market is take a massive economic gamble, creating, at a minimum, years of uncertainty and possibly quite severely damaging asset prices just the sort of environment, in other words, in which Jeremy Corbyn and his madcap ideas could thrive. And if he ever came to power, he would, once outside the EU, be able to do more or less whatever he wanted. There would be no state aid rules to restrain him. Favoured industries would be supported, price controls would become the order of the day, and the banks would be torn apart. Britain pandora jewelry uk would become Venezuela. You can see why some business leaders are beginning to panic. Political and economic instability go hand in hand, and where they occur,they are always deadly for investment and prosperity. Green's big question One of Sir Philip Green's more endearing qualities, amid all the less search pandora charms attractive ones, is that he cannot help what he says. It just comes tumbling out, apparently oblivious to consequence or regret. One utterance that may well be causing him sleepless nights, however, is this: "If I give you my plane, right, and you tell me you're a great driver and you crash it into the first f mountain, is that my fault?". He was of course talking about BHS, which sadly went into liquidation last week, and its earlier sale for 1 to Dominic Chappell, a former bankrupt. If you can tear yourself away from the Brexit debate, there is alternative entertainment to be had this week and next when a whole series of players in the BHS saga, including Guy and Alex Dellal, the son and grandson respectively of the property legend, "Black Jack" Dellal, appear before a joint committee of the House of Commons. Chappell and Green come later. The key question the committee is attempting to answer is the one posed by Green's now infamous remark; was this a genuine sale that ended badly, or a sham? Did he, in other words, concoct the sale as a way of escaping his liabilities, knowing that the business was about to go bust, or is he largely blameless in the subsequent crash? Despite the increasingly murky nature of the money trail, I'm assured that Green has good answers to these questions, and is itching to give them. Any sweet heart deal with the Dellals is vehemently denied. To the contrary, they are said to be more business enemies than friends. Whatever the truth, the joint committee, and its chairman Frank Field, are to be congratulated for the methodicalway in which they are pursuing answers. Too often, parliamentary committee hearings are just an opportunity for grandstanding and vilification. Yet Field, a politician of unquestionable integrity, has set about his task with forensic precision and determination, taking on board the best advice and repeatedly calling back witnesses or otherwise requiring further evidence. If there is a smoking gun to be found, he will find it. Yet beyond Green's culpability, there are a number of much wider questions the joint committee needs to answer. One concerns the duties of the pension trustees and the pensions regulator, whose behaviour seems to have been cavalier to negligent throughout. Why didn't they seek to prevent the sale until the pensions shortfall had been addressed? Were they just asleep at the wheel, or was it something more sinister? Then there is the issue of "toxic" pension fund liabilities more generally. Is there anydifference between what BHS has done in dumping its pension liabilities on the pensions protection fund and what Tata Steel was proposing with the British Steel pension fund? I struggle to see one other than this; with Tata, the Government is planning to change the law so as to reduce the liabilities and sweeten the pill to any buyer, whereas when Green sought to do something similar, he was told to take a running jump. I don't seek to defend Green.
Far from it. But virtually all Britain's high street retailers are in a terrible place. BHS is not the first casualty of the seismic shifts going on in retail, and it certainly won't be the last.
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