UK Establishment Stunned As Over 300 CEOs Back Brexit: "Business, Not Government, Creates Wealth"

Tyler Durden's picture

In a shocking slap in the face for UK PM Cameron, more than 300 business leaders are calling on Britain to vote to leave the European Union, saying that the country’s "competitiveness is being undermined by our membership." As The Telegraph reports, the letter, signed by some of Europe's most senior business executives, claims Brussels "red tape stifles growth" and a Brexit would "create more jobs" exclaiming that "it is business - not government - which generates wealth."

Perhaps this explains why Cameron, Osborne, Obama, and almost every other establishment politician and lackey has embraced 'Project Fear' when it comes to Brexit, proclaiming World War 3's imminence and all the worst parts of the bible will occur should the great unwashed masses exercise their right to vote for democracy (as opposed to a tyrannical superstate).

In an attempt to redress the balance after the Bank of England and the International Monetary Fund last week warned that a Brexit would damage Britain’s economy, the letter in the Telegraph is signed by 306 business leaders in a personal capacity (and also signed by hundreds of people linked to small and medium-sized businesses). In total the backers of the letter are from businesses employing hundreds of thousands of members of staff.

SIR – Britain is the fifth biggest economy in the world and, on current projections, will overtake Germany to become Europe’s powerhouse. Britain is America’s largest inward investor, and our openness and dynamism mean we attract more inward investment than any other European country.

 

Three of the world’s top 10 universities are British, we speak the international language of business, our legal system is trusted round the world and we have an unrivalled reputation for innovation and creativity.

 

These are just some of the reasons we believe that Britain is world-class. However, we also believe that Britain’s competitiveness is being undermined by our membership of a failing EU.

 

Year-on-year the EU buys less from Britain because its economies are stagnant and millions of people are unemployed. According to Mervyn King, the former governor of the Bank of England, the euro “might explode”. Brussels’ red tape stifles every one of Britain’s 5.4 million businesses, even though only a small minority actually trade with the EU.

 

It is business – not government – which generates wealth for the Treasury and jobs for our communities. Outside the EU, British business will be free to grow faster, expand into new markets and create more jobs. It’s time to vote leave and take back control.

Signatories of the letter include Peter Goldstein, a founder of Superdrug, Steve Dowdle, the former vice president Europe of technology firm Sony, David Sismey, a MD of Goldman Sachs and Sir Patrick Sheehy, the former chairman of British American Tobacco.

The polls remain very close... 

 

Finally, no lesser luminary than Lord Farmer, the former Treasurer of the Conservative Party, writes:

Warnings of disaster if we leave are misguided. Britain, the world’s fifth-biggest economy, should be confident that others will want to trade freely with it especially if, like the EU, they already do so. Europe has a surplus of nearly £70bn with us and no reason to put up barriers.

 

Nor will EU countries want to restrict their access to the London markets. Canary Wharf alone does more business than Frankfurt and we are Europe’s financial outlet to the world. Everyone benefits when London booms.

 

“We can see the possibility now for a bright new beginning. By voting to leave, we will be taking back democracy and this will benefit everyone. By ending a decades-old deception, we will be leading the way for the continent to become more democratic and less intrusive. Brussels will moan, but I suspect the peoples of Europe will be pleased.”

The choice, as it appears to us is simple:

Vote Yes To Brexit, Regain Sovereignty, or

 

Vote No To Brexit, Saying Yes To Undemocratic Superstate!

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omniversling's picture

Soooo many countries prepping this 'Corporations trump (ex)governments' meme...'Sovereignty'? Ha! Will still be .gov.corp. Multinationals become Supranationals. Seen 'Brexit the Movie'? Puff job for deregulation. Old Skool deregulation. The Chinaisation of Earth. No mention at all about sound money. Lobbyist heaven as the EU rules get unpicked..A whole generation of pocket lining and bogus imposts on the people...for what? To unravel the whole excercise?

Planned cycle.

NidStyles's picture

Neither creates wealth. People, as in individuals that can live in a relaxed state of mind in that their wealth will not be stolen by invaders and traitorous governments create wealth.

Miles Ahead's picture

[compromised wealth... stolen by victim refugee blowback and traitorous imperialistic governments]

fixed it.

CuttingEdge's picture

Oops.

Methinks the sky has just fallen down on Chicken Cameron Little...

Haus-Targaryen's picture

I really hope (Dear God PLEASE) let the Brits Brexit.  

Just to see the level 12 meltdown of a good chunk of my coworkers would be soooOOOooOoOOOOoOOOoOO worth it. 

VinceFostersGhost's picture

 

 

 

Get out of Denver baby......go go!!!

 

Cause you look just like a commie......and you just might be a member.

https://www.youtube.com/watch?v=9WWHdBuOC6Q

cowdiddly's picture

OT: Dave Edmond's got outta Denver better. But yea killer tune

https://www.youtube.com/watch?v=tJ4_5rgWhX4

Fog finally lifted and we looked to see where we was at

It was starin at a Colorado State policeman trooper cat an go...get outta Dever baby go...

sorry could'nt hep mesef. lol

 

 

Motasaurus's picture

London wants out. London gets out.

JohninMK's picture

If the UK votes out does this mean, as it has gone against the explicit instruction issued by Obama, that it is the next country in line for a US style Colour Revolution, like Ukraine?

The British army on the streets?

Jubal Early's picture

How many people simply opt out because when tax rates approach 50% people just say "fuck the parasites".  If you are working 100% at 50% tax rate, each 10% less you work only takes 5% off of your net income, and much of that can be made up by cost saving, for example looking after your own kids or cooking your own meals.  Statist economists should be able to comprehend what happens at the margin, but they are paid not to by the statists.

The EU might be tolerable if combined EU+British+Local taxes < 15%.  

White Mountains's picture

This is true.  My small business pays about 40% in taxes.  Many is the day I think "Well, I could work my ass off today, but .Gov will take a large chunk of my profit to hand over to parasites who did not earn it....the fishing hole looks pretty good - yes, I am going fishing today instead".

Thing is, my business requires boxes and shipping labels and paper and lots of other things purchased from local businesses who in turn got these products from loggers and manufacturers, and the shipping employs USPS and UPS and FedEx. all of whom are therefore losing out on my would be extra business generated had I not chosen to fish in the local river.

Indeed, my decision to work less for the benefit of parasites is part of the reason the economy sucks.  A small ht on the economy, you say?  This is not small when 1,000,000 businessmen are doing the same.

Kayman's picture

White Mountains

Exactly.

Business is an unpaid tax collector for the government. Voluntary taxation, my ass. An employer is bound, by law, to deduct taxes from employees earnings and remit them to the government. 

I have reduced my employee count 90% and no other business has taken up that part of the market. It is just too damn hard, too time consuming, too much ridiculous regulation.

China pollutes openly and without limit, yet our government allows all their dirty products into our country. You would think our crooked politicians are willfully blind to the fact that China is attached to Mother Earth.

Good for you to do less- the more job creators walk away from Government slavery, the sooner this open theft ends.

 

Mandel Bot's picture

You guys sound like characters from Atlas Shrugged.

Haraklus's picture

My marginal income tax rate is 46%. I am not interested in earning more money at all, unless it is 0 effort. And when is it?

I am interested in saving up some coin to buy land in less onerous locales, though. The exits are still open, god forbid my fellow millenials realize everybody productive is trying to flee.

Jack&#039;s Raging Bile Duct's picture

You're not the only one. I've been trying to figure out where to flee and rebuild since...2007/2008.

I try to solve my problems first. If I can't, I attempt to evade them. When I can no longer resolve nor evade a problem, I destroy it.

As it stands, I'm just about finished running.

falga's picture

The most likely scenario: referendum goes for Brexit, Cameron resigns, and Euro drops to parity Vs $.  New elections organized in Britain for a new government who will negotiate the "Brexit".  This turns out to be a win for Britain as they are able to cut their contribution and retain free trade movement with EU while UK retains their currency for ever while EU citizen will no longer have free access to Britain jobs.  Millions of EU citizen in Britain will have to make plans to return to their home country or face formal immigration rules to remain in UK.

offwirenews's picture

I have a feeling this is going to go like every other major vote that has occurred. "Oh so close!" They'll "vote" to stay in and this minor hiccup for the globalists will be behind them.

Miles Ahead's picture

Offwire: that about sums it up.  I want to get my hopes up but I'll just remain calm as the t-shirts say.

@falga: most items your most likely scenario are on the unlikely side; starting with the first two and then all the conclusions.  If only real life were so simplistic, not to mention the complexities of economics, trade, FX, etc.  But hey, comment boards are fun yeah?

Jubal Early's picture

Thats exacltly what happened in Scottland and with the Swiss gold initiative.  The Jew media says "the people want xxxx" when it is clear that they don't.  And then they get xxx and the jew media tells them "thats what the people wanted".

techpriest's picture

IMO, losing by a small margin will simply embolden people into seeing that they are getting closer. Then it's a matter of the "Tiananmen tank man" moment where someone finally acts, regardless of what the polls say, and everyone suddenly sees how weak the opposition is. At that point the polls no longer matter.

Sandmann's picture

Cameron is dead whichever way Brexit goes. 150 Tory MPs want him gone as does the voting population and Osborne too. This is Endgame for Cameron whatever happens

Ghordius's picture

this is a good example of what can happen during a referendum campaign: purpose highjacking

the BreXit referendum, where I hope Britons will vote with a resounding "Leave", will have two boxes: "Stay" or "Leave"

my criticism to this kind of things is that imo there ought to be a third, optional box: "Ask me again in __ years"

but what really happens too often is that a simple (if it is, it's not always so) question is often tried by some to be transformed into a poll for other political issues, like the political career of those who proposed/opposed the referendum

Jubal Early's picture

If you love the € so, why do you want Britian to leave?  How does that benefit you?

Ghordius's picture

is it so incredible that I am for the freedom of sovereign countries to join or leave any club they might wish for?

the UK does not fit in any trade/regulation club where continentals are in. period, imo, the last decades are proof for this. so I am for this divorce. while it would be very bad manners to kick someone out

(it's Britain, btw. where does that strange "Britian" come from?)

meanwhile, what's the frigging matter? can't a referendum just be the very single issue to be voted on?

Jubal Early's picture

"I am for the freedom of sovereign countries to join or leave any club they might wish for?"

Then how can you support and belong to a club that ass-raped the greeks when they tried to get out?  And how about when the Irish were forced to vote again and again until brussels got Lisbon accord passed?

My suspicion is that you don't like anglo's so you want them out, but you sure are not going to let any euro-serf leave your "club".

Ghordius's picture

which club "ass-raped the Greeks" again? not the EU28. when did the Greeks "try to get out" again? out of the EU28? out of the eurozone 19?

I am not the only one here on the continent that was against the UK joining in the first place, and was warning that the UK would push for things we never wanted in the first place, and push against things we wanted

a good example for this was the "EU eastward expansion", pioneered by the UK and the US

CuttingEdge's picture

France, Germany, Italy and Spain (last I looked the EU's largest economies by a healthy margin) are overwhelmingly net exporters to the UK. Which basically implies you are talking bollocks on the trade front, Ghordius. They benefit more from UK membership than the UK itself. I can already visualise the EU Commission demanding barriers be put up and companies in the aforementioned jumping to comply. Not.

As to EU regulation and the bullshit spawned by Brussels - there you have me.

Ghordius's picture

are you really replying to my comment? (you say EU regulations, I say "British gold-plating of EU regulations", btw)

CuttingEdge's picture

3rd option?

You jest, surely. That would just have been a cop out to confuse the "undecided" sheeple (the 20% that cannot be arsed to get themselves informed and make a decision one way or the other), although admittedly it would be perfectly in line with the EU's governance track record.

Cameron pissed on his own chips big time by offering the referendum to garner UKIP votes at the last general election (the only thing Merkie has been right about in recent times). He came back from his much vaunted pre-referendum Brussels negotiations with basically fuck all to offer an increasingly disillusioned populace - kind of Neville Chamberlain light, and the fact that Brussels weren't prepared to give a millimetre, means Brexodus is more than likely on the cards (the "Diebold method" and the refusal of independent inspectors at polling stations aside, of course), and will bite the alcoholic Mr Junker and his Commission cronies in the ass big time.

Given the way recent elections went in Austria, and the sentiment across Europe in general, the UK leaving (and most importantly becoming independently successful when free of Brussels busybody diktats and taxes) will be the trigger that brings down the entire corrupt edifice.

 

 

Ghordius's picture

do I? consider a hypothetical result of a BreXit vote of 46% for "Leave", 42% for "Stay"... and 60% for "ask me again in four years". how would you call such a result?

Jubal Early's picture

Why doesn't the EU just give England the right to return iin 4 years if they see it isn't working out?  That way the EU would have a motive NOT to screw England out of spite, which they are threatenting to do now.

Ghordius's picture

because the UK has not asked (yet) for anything like that? meanwhile perhaps you have not noticed that it was Cameron that asked all those people, including Obama and several eu countries ministers to "talk frankly about after-BreXit options". this includes all those "threats"

it's simple, really: if BreXit happens, it's the UK that has to propose a new arrangement, or new set of arrangements. up to now, it has not

and that "right to return" is not on the bargain table, yet, while BreXiteers are not keen to even see it there

Jubal Early's picture

You really are a EU polyanna.  You act as if those parasites in Brussels making hundreds of thousands of Euro's, tax free, with massive expense accounts, really care about Europeans.  You act as if they got in these privileged postitions because the shitizens of the EU wanted them there, and not because of Kalergi.

BTW, on an earlier thread I asked you what the EU had done for Europeans?  That is besides putting them further in debt, increasing their unemployment, stealing their freedom, enslaving them by their lying and dishonest ECB, and plotting their genocide.

Ghordius's picture

and you act as if pooling bureaucracies results in more bureaucracy. whereas if the UK BreXits, the first thing that happens is that the UK will have more bureaucracy... just to take up what it had given to the EU org as tasks. for example trade treaties, monitoring competition in markets, fighting monopolistic tendencies, and so on. if you think the UK won't increase it's bureaucracy after a BreXit...

meanwhile, what has that "stealing their freedom" and so on to do exactly with all this? or the ECB? and that "putting them further in debt" is ludicrous. the UK could have joined that other club, that of the "balanced budgets", aka "European Fiscal Compact". it did... not

my question to you is more about you: do you think you have studied enough the matter we are discussing here?

Jubal Early's picture

I have been watching the EU trainwreck for decades now, and clearly you are the one who need to study what is going on.  Just take your fantasy that it is ludicrous to state that EU nations across the board haven't take on loads more debt since its founding.

For about the 5th time, please tell us all the great things the EU has done for Europeans?

Here is another great EU accomplishment:  The destruction of the Ukraine.  We know from Victoria Nulands "fuck the EU" conversation with US Ambassador Piatt in 2013 that the EU wanted Klichko instead of "Yats" as a price for assisting in the Coup.  Then we have all those sanctions and all the sabre rattling.  I tip my hat to you Ghordi and your EU cronies.  Thousands dead, millions of refugees, and a nation ruined.  Thats one small taste of what the EU has done for Europe.

Jubal Early's picture

Oh boy, ZH posts another thread about what the EU is doing to those poor Greeks.  Why can't they just appreciate how great it is to belong to such a great melding of European people. Bwaaaaaaaaa.

http://www.zerohedge.com/news/2016-05-15/pure-troika-idiocy-greek-debt-s...

Come on Ghordi, tell us how wonderful this is for the Greeks.

Ghordius's picture

are they leaving any of those clubs? note that Brits are having a referendum about such things

Jubal Early's picture

They can't leave because they have been enslaved with jew-ECB confetti debts.  Not only do you need to brush up on what is going on in the EU, you need to get a grip on reality.   Debt impoveristed Greece is no match jew-money ECB.  We'll see what happens with BRexit after all the EU lies, propaganda, payoffs and extortion.

When one country successfully exits the EU, then your incredible inane comments about leaving the club will have some credibility.

Just look at the US (which the EU is horny to emulate).   Much like the EU, the understanding was that any state could leave.  And look what happened to the states that dared try secede.  The destruction of Richmond, Atlanta and the Shenandoa.

Still waiting for a list of all those EU "benefits".

 

Ghordius's picture

so when Nuland says that the EU has little or nothing to say about how the US arranges Ukraine... it's the fault of the EU?

and when the German Chancellor rewrites the Schengen Agreement, it's again the fault of the other club?

Jubal Early's picture

Still waiting for a list of benefits.  The one benefit you might have brought up was open borders and the possibility of Europeans working and going to school in other countries without having to deal witzh statist burocracies.  But then you admitted that Germany can pick and choose what EU regulations it wants to follow.  Imagine if Greece decided it was going to rewrite Schengen!  WHat a sham the EU is.

Yes, the other countries in the EU have become to a large extent a German provinces.   Germany has determined the ECB interest rate policy for years.  In the early 2000's, right after the forming of the Euro, the PIIGS countries desperately needed high interest rates to cool off the land bubbles occuring in all of them.  What happened?  They got stuck with interest rates that behooved Germany, France and Belgium (where I assume you are located).  Bravo, not only did the EU destroy Ukraine, they have almost achieved the same level of misery for Italy, Spain, Portugal and Greece. 

 

smacker's picture

There is an argument for such a box "ask me again in X years", but realistically, the longer Britain remains in the EU, the deeper our relationships will become. We have already become too intertwined in the EU and it's already way past time for Brit people to stand up and be counted. Kicking the can down the road will not provide Brits with any new or additional information on which to make a decision, only to make it even more difficult to quit.

Also, I don't think it's a bad thing for any politician to stand or fall based upon his personal judgement regarding this vote.

Cameron has exposed his EU colours in this referendum and if the result is BrExit, he should resign with honour.

Multi's picture

..."they are able to cut their contribution" (true) ..."and retain free trade movement with EU" (keep dreaming)... "while UK retains their currency for ever" (UK has complete control over the pound already) ... "while EU citizen will no longer have free access to Britain jobs." (a smaller pool from where to choose workers is somehow good for UK business, right?)...  "Millions of EU citizen in Britain will have to make plans to return to their home country or face formal immigration rules to remain in UK" (Nothing spells economic progress better than reducing your domestic market by the millions)

FlacoGee's picture

I believe you are incorrect on a few fronts.

I state the below opinions as a native born US citizen who has lived/worked in the EU/UK/Switzerland:

1) UK would not send the EU citizens home.  Why? Because of all of the UK passport holders living and working in the EU.  There would be an agreement in place like the one with Switzerland.    Obviously they would discard the Romanians, Polish, and Bulgarians sponging off the welfare system... but don't assume this would happen quickly and would probably be a "go forward" system.    Britian may not be France, but they are not the USA when it comes to welfare tough love.

2) Euro will not crash.   Britian doesn't use the Euro and Britian has been poisonous to the EU for the past 10 years.  Like a married couple where both partners hate each other, but no one has the balls to file for divorce.   France, Germany, Netherlands, Italy, etc. will renew their resolve and they will "wait patiently" for the UK to come back.  At that point they will bend the UK over and this time around they will need to give up the GBP and bow down to Brussels.   What the UK fails to remember is that they are a former empire trying to exist in a world of super states with massive populations (USA, China, India, EU, etc.).   If Britian shuts itself down, then they will suffer massive monetary losses as multi-nationals pull out.

3) Jobs.   The free movement of people is a two way street.   UK needs EU workers.   The EU does not need UK workers.   If EU nations need native English speakers, Ireland is still part of the EU and Scotland will be along soon enough.   In all the time I spent at EU institutions, there was an equal split of Irish, British, and Scottish... and they were obviously a minority when compared to Belgians, French, Germans, etc.

I support Brexit, Balkanization of the USA, Catalan independence, etc etc.   BUT I know that the process of eliminating super-states is a painful one and to assume there will only be positive results is stupid.   EU has the upperhand...  EU can live without UK, UK can not easily live without the EU.   They live too close to each other, shared history, etc etc.   They are going to learn that just because they had a Brexit vote, does not mean the EU needs to bend over for them.  Quite the contrary, they are going to grab their shoulders.

 

 

 

smacker's picture

"Millions of EU citizen in Britain will have to make plans to return to their home country or face formal immigration rules to remain in UK."

I believe this is just another nonsense scare tactic. They don't even mention the large numbers (millions) of Brits who live and/or own property across Europe, mainly in France, Spain, Italy, Portugal etc.

The most likely way of dealing with this if Britain exits would be for EU people living in Britain and vice-versa to be automatically granted Residency Status, thereby retaining the status quo. The alternative would be unmanageable.

Ghordius's picture

the most likely way to deal it is for a UK gov after a successful BreXit vote (and a successful Westmister vote, mind) to propose something, first

if the UK proposes recidency status for all EU citizens in the UK... it would still have to propose something about the rest of the issue

smacker's picture

Regarding your point about a Westminster vote if the Brits voted BrExit, IF Westminster voted to ignore the referendum "against the will of the people", there would very likely be serious constitutional, legal and democratic accountability issues that would snowball out of control to bring down the government and wreck any chance of Cameron salvaging a legacy for his time in office.

Ghordius's picture

sure, but that depends on the result, doesn't it? what if 20 millions vote "Stay" and 20 millions +1 vote "Leave"? what would most Brits really expect from Westminster, in such a case? honest question begging for a honest answer, imho

smacker's picture

Well, the rules of the referendum have been agreed and set. They must be complied with.

The ever-so-close scenario you describe is not likely to arise but Party leaders would have to call a Westminster vote using a three-line whip. If they still voted to ignore the will of the people, a constitutional crises arises.

layman_please's picture

just a remark, britain doesn't have a constitution. hard to believe, but so it is. they are governed by a set of laws. not like any other of the constitutions around the world are being enforced by any of their populations.