What might we see if Britain left the EU? Planes falling out of the sky? Excessively bendy bananas? Global economic carnage? Maybe not. Yet the prospect has been sufficient to prompt warnings from financial giants HSBC and Goldman Sachs already this year.
“Having the UK be part of Europe is the best thing for all of us,” said Goldman president Gary Cohn recently.
But now the warnings are coming from a somewhat different corner of the economic and political spectrum – former Labour MP Denis MacShane. Previously a minister for Europe, MacShane – who in 2012 quit over expenses fraud, and was later jailed – is aiming to bounce back with a new book, outlining how a so-called Brexit will likely happen if the Tory party gets back into power and delivers it pledge for a referendum on EU membership.
“The complacency of the pro-EU elites in London is part of the problem,” MacShane told The Capitalist. “In a populist plebiscite passions take over that do not conform to rational common-sense decision-making.” The book is published this week by IB Tauris .