A blind spot

What is it about the EU that makes many otherwise intelligent Tories switch off their brain when they have to discuss this topic?

As regular readers of this blog will know, I often find Fraser Nelson’s comments on the Spectator Coffehouse Blog both informative and thoughtful.

This is also true for this blog posting, in which he discusses the recent collapse in the value of the pound.

He points out that their is not much manufacturing left in the UK:

We don’t have much of a manufacturing base left. While the City was allowed to boom in a light-touch regulation, manufacturers have been hit by a torrent of ‘elf-n-safety legislation. Our trade deficit is just appalling: Britain doesn’t make enough stuff to flog.

But surely, if there’s not much manufacturing left (and if we assume Britain hasn’t suddenly become a major mineral or agricultural producer), this means that there aren’t many exports. Yet he suddenly states this:

Of course it’s true that a weaker currency is good for the economy overall, as [it] will help exports. It’s a reminder how lucky we are not to be in the Euro.

Nonsense! If there are no exports to speak of, devaluation will only lower the quality of life in the UK, which means that the high-paying jobs (esp. in financial services) which the British economy has been relying on in lieu of exports will move abroad.

Only being in the euro could have prevented this devaluation which I think will end up hurting Britain badly.