Brexit: Preparations and Negotiations

My Lords, it is very cold in this spot at the moment. That is a comment not on the Cross Benches but on the fierceness of the air conditioning—but I shall struggle through.

I have heard with increasing incredulity the efforts of noble Lords in this House, some of them my good friends, to reverse the results of the referendum of 2016. It may have been a mistake to hold a referendum on such a complex issue, but, having asked the question and promised to treat the answer as binding, it seems to me inconceivable that responsible politicians can disregard it. This is the answer to the noble Lord, Lord McNally. David Cameron gave repeated assurances that he would respect the result of the referendum, and I do not think we can ignore that.

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The British History of Brexit

LONDON – Since June 23, 2016, when 52% of British voters backed withdrawing from the European Union, the “Brexit” debate has been tearing British politics apart. Although the Brexit referendum was non-binding, then-Prime Minister David Cameron’s government, expecting a vote in favor of “Remain,” had promised to honor the result. Britain, late to join the EU, will be the first member state to leave it, with the exit date set for March 2019.

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Putin Family Values

LONDON – The fixation on the ongoing World Cup, during which an estimated one million foreign football fans, many from Europe and the United States, are expected to converge on Moscow and other Russian cities, risks masking the extent to which Russia and the West have drifted apart. In fact, relations between the two sides nowadays are purely functional; a new Cold War has started.

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Why Reinvent the Monetary Wheel?

LONDON – Slumps have always been boom times for monetary experiments, and the economic collapse of 2008-2009 was no different. Underlying this recurrence is the instinctive feeling that economic calamities must have monetary causes, and therefore monetary remedies. There is either too much money, which causes inflation, or too little, which leads to depression. So the aim of monetary reformers –among whom are always a large number of quacks and cranks – has been to “keep money in order” and prevent its gyrations from disturbing the “real” economy of production and trade.

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Automation and American Leadership

LONDON – Not so long ago, there were two competing explanations of unemployment. The first was the Keynesian theory of deficient demand, which holds that workers become unemployed “involuntarily” when their community lacks the money to buy the goods and services they produce. The second was the view often associated with the Chicago School, according to which unemployment is a voluntary choice of leisure over work at whatever the offered wage.

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The Advanced Economies’ Lost Decade

A review of the policy debates of the post-crisis years suggests that flawed macroeconomic theories were given too much weight for too long. The result has been slower growth, lost economic capacity, and surplus misery for millions of people around the world.

Ten years after the 2007-2008 financial crisis, it is worth asking where the world’s developed economies are today comma where they would have been had there been no crisis, perhaps more importantly, where they might have been had different policy choices prevailed before and after the collapse.

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Is the Press Too Free?

LONDON – The poisoning of Russian double agent Sergei Skripal and his daughter Yulia at an Italian restaurant in Salisbury has driven an important story off the front pages of the British press. Earlier this month, the former actor and comedian John Ford revealed that for 15 years, from 1995 to 2010, he was employed by Rupert Murdoch’s Sunday Times newspaper to hack and blag his way into the private affairs of dozens of prominent people, including then-Prime Minister Gordon Brown.

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