'It's as bad as appeasing Hitler': Ex Bank of England Governor Mervyn King savages Theresa May's Brexit deal branding it a 'humiliating submission'

'It's as bad as appeasing Hitler': Ex Bank of England Governor Mervyn King savages Theresa May's Brexit deal branding it a 'humiliating submission'

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   December 05, 2018  
 
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'It's as bad as appeasing Hitler': Ex Bank of England Governor Mervyn King savages Theresa May's Brexit deal branding it a 'humiliating submission'

The former Governor of the Bank of England today compared Theresa May's hugely controversial Brexit deal to the appeasement of the Nazis in the 1930s.

Mervyn King warned the divorce package is the 'worst of all worlds' and will leave the UK a 'fiefdom' of the EU.

He said the UK has been 'let down' by its political leaders, just like when Neville Chamberlain pursued a policy appeasement of Adolf Hitler.

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He also compared the crisis rocking the country to the 1970s, when Britain was hit by economic decline and the three day week.

And he warned that it took a 'radical new government' to sweep away these misguided politicians and usher in a new era for Britain.

Diplomatic compromise

In an article for Bloomberg, Lord King said: 'The Withdrawal Agreement is less a carefully crafted diplomatic compromise and more the result of incompetence of a high order.

'I have friends who are passionate Remainers and others who are passionate Leavers.

'None of them believe this deal makes any sense. It is time to think again, and the first step is to reject a deal that is the worst of all worlds.'

Comparing the Brexit turmoil gripping the UK with the 1930s and 1970s, he called for fresh leadership to heal the bitterly divided country.

He wrote: 'There have been three episodes in modern history when the British political class let down the rest of the country: in the 1930s, with appeasement; in the 1970s, when the British economy was the “sick man” of Europe and the government saw its role as managing decline; and now, in the turmoil that has followed the Brexit referendum. In all three cases, the conventional wisdom of the day was wrong.

'In the first two instances, it took a revolution: in 1940, the dismissal of the prime minister and his replacement by someone better suited to the role of wartime leader; in the 1970s, a political and intellectual upheaval, and a radical new government capable of changing course.

'Both times, the country escaped ruin by the skin of its teeth. Today’s challenge is of a similar order.'

Mrs May has faced a barrage of attacks from all sides over her deal's controversial backstop - the plan for keeping the Irish border soft if no trade deal is done in time.

Under the hugely controversial backstop, the UK will stay tied to the EU customs union while Northern Ireland will have to carry out extra single market checks.

The plan is loathed by Brexiteers, who warn it will stop the UK from being able to strike new trade deals globally.

State of fiefdom

While the DUP - whose ten MPs are propping the Tories up in No10 - say it crosses their 'blood red line' that Northern Ireland must not be treated any different to the other parts of the UK.

Lord King savaged the backstop, writing: 'It simply beggars belief that a government could be hell-bent on a deal that hands over £39 billion, while giving the EU both the right to impose laws on the U.K. indefinitely and a veto on ending this state of fiefdom.'

He said that voters were told that they would decide Brexit, but that most MPs are vehemently opposed to it.

He wrote: 'Britain is not facing an economic crisis. It is confronting a deep political crisis.

'Parliament has brought this on the country. It voted overwhelmingly to hold a referendum.

'The public were told they would decide. And the rules of the game were clear: fifty per cent of the vote plus one would settle the matter.

'The Prime Minister and the Chancellor of the Exchequer at the time said unequivocally that Brexit meant leaving Europe’s single market and customs union.

'This was the Brexit that, after the referendum, both main political parties promised to deliver.'

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