My title above came to mind after reading a recent Telegraph Economic Intelligence (sic!) article: Like it or not, Brexit is a part of Britain’s inflation problem. Apparently, the UK wonders if Brexit is a culprit for its high inflation. In May 2023, I published Asking questions = answering questions (1).
The conservative-right newspaper The Telegraph is the political opposite of liberal-left newspaper The Guardian. As a centrist, I read both. When their ideological views start aligning, I take notice. Perhaps, their views are – finally – aligning to the British public: The Economist, Reuters, YouGov.
I suppose any island (eg, UK) will have a higher inflation than any mainland (eg, Europe). Removing free trade with closeby neighbours must have an inflationary impact (eg, border inspections, tariffs, bonded warehouses). Only the UK could question something obvious like that.
There’s still a debate if producers have profited from inflation. Let’s take a simple example: the price of milk per liter. Since a few months, the price of full-cream milk has finally decreased from 1.84 to 1.73 to its current price of 1.62. Before the 2022 Russian invasion, it was 1.42 euro.
In my view, it’s beyond a shadow of a doubt that producers have profited from inflation. How much is quite irrelevant, if only following the famous quote by economist and philosopher John Maynard Keynes (1883-1946): “It is better to be roughly right than precisely wrong.“
The UK mood to rejoin the EU is half-hearted (ie, 58%). Britons barely wonder if Europe needs, wants or believes in them. From an operational angle, we should reject their (messy) wish. From a strategic point of view, it would send a strong message (eg, China, USA). Tactics require some lingering.
The dilemma with asking questions is that you need (to wait for) answers in order to proceed.
“It’s easier to ask forgiveness than to get permission.”
This quote is credited to U.S. Navy Rear Admiral Grace Murray Hopper (1906-1992). It was in circulation long before her.
Question (1970) by the Moody Blues
band, lyrics, video, Wiki-band, Wiki-song
Why do we never get an answer
When we’re knocking at the door?
Because the truth is hard to swallow
That’s what the wall of love is for
Note: all markings (bold, italic, underlining) by LO unless in quotes or stated otherwise.
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