Even the Chancellor is turning on Theresa May, as her party implodes over Brexit

Theresa May came under fire at Prime Minister’s Questions on 16 November for her lack of Brexit planning, as the realities of post-EU economics become ever clearer. The Chancellor, Phillip Hammond, has started to prepare his Autumn Statement and is predicted to deliver bleak news. German Foreign Minister Wolfgang Schaeuble, meanwhile,  has delivered stark warnings of what Brexit will really mean.

Missed targets

Under the previous administration led by David Cameron, missed fiscal targets were a regular occurrence. Former Chancellor George Osborne made repeated claims of ‘balancing the books’ and aiming for a budget surplus. In order to achieve this, he embarked on years of crippling austerity measures, which targeted the most vulnerable members of society. Despite this, he repeatedly failed to meet his targets.

Osborne’s successor, Phillip Hammond, must now continue the job – all while May apparently pursues a ‘hard Brexit’. It’s no secret that Hammond is at odds with the Brexit ministers known as the “three brexiteers” (Boris Johnson, David Davies and Liam Fox). And it appears the Chancellor will deliver a damning indictment of his colleagues’ lack of foresight in his Autumn Statement.

Hammond is expected to tell the Commons that the UK faces a £100bn budget deficit because of Brexit. As a result, any pre-existing targets will be missed and the UK will run a significant deficit until at least 2020. When dropped, this economic bombshell will only serve to widen the cabinet split over Europe.

The near future

With May trying to hide the civil war taking place within her government, Hammond’s statement will come at a difficult time. So too will the comments of the German Foreign Minister. Schäuble responded to statements by Boris Johnson that Britain could retain access to the common market without the free movement of people by saying:

There is no a la carte menu. There is only the whole menu or none.

Schäuble went on to dismantle the idea that post-Brexit Britain will be a place of new-found freedom and prosperity, removed from the bureaucracy of Brussels:

Read on...

Britain will certainly have to fulfil its commitments. Possibly there will be some commitments that last beyond the exit…even, in part, to 2030. Also we cannot grant any generous rebates.

A government on the brink

With her own ministers fighting among themselves and a likely constitutional crisis on the horizon, Prime Minister May already faces grave doubts over her leadership. The prospect of an entirely avoidable economic downturn, caused by her posturing on Brexit, only worsens that.

May’s leadership is currently coming across as ineffectual, insubstantial and incompetent. And she cannot get away with that forever.

Get Involved!

– Read more Canary articles about Brexit here.

Support The Canary so we can continue to bring you the news that matters.

Featured image via Flickr

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us

Comments are closed