By Tom Winnifrith | Wednesday 3 May 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I may hold my nose and tonight go into one of Tim Martin's horrible pubs for a small glass of the less than impressive wines he has on offer to show my support after the UK's greatest businessman launched a blistering attack on the Brexit remoaners and notably the ghastly creature, Carolyn Fairbairn of the CBI. Overall it is a pretty upbeat trading statement from Wetherspoon (JDW) and the shares are up 3.5% on the day. Or as the BBC would report it "Despite Brexit, it is a pretty upbeat trading statement." Tim's prose is golden. Over to the great man...
"A number of individuals and organisations, which previously supported UK membership of the euro and its disastrous predecessor the ERM, and who recently promoted the erroneous view of a severe economic downturn in the immediate aftermath of a leave vote in the referendum, are again offering the government advice.
For example, Carolyn Fairbairn of the CBI has recently said that 'leaving the negotiating table without a deal shouldn't be Plan B, but Plan Z'. It is doubtful if Ms Fairbairn has ever been involved in serious business negotiations herself, since this is the same as a housebuyer saying to a seller, 'I must have your house at any cost'. In this case the buyer will not pay the market price, but will pay the maximum that the seller believes he can afford.
It is hard to believe that such foolhardy advice could emanate from a business organisation.
As many people have said, including many remain supporters, it is essential to adopt an approach that stresses the
UK's willingness to trade on World Trade Organisation (WTO) terms, possibly abolishing import tariffs unilaterally, which would lead to substantial reductions in consumer prices- and increased living standards.
The current desperation of the CBI and others for a 'deal' is only encouraging the absurd posturing of the unelected 'President' Juncker and his acolytes, and creates an absurdly pessimistic picture of the UK's position if a sensible deal is not forthcoming.
As EU businesses know, they will suffer acutely if UK companies and consumers switch their allegiance to domestic or other non-EU suppliers. The CBI should let those businesses make the case for a free trade deal, rather than undermining the government's negotiating position."
Spot on Tim. You are ( once again) our hero of the day.
Never miss a story.
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