Nomura “Brexit” Contingency Document in Full

Ambrose Evans Pritchard reports this lunchtime that Nomura have begun contingency planning for a possible British exit from the EU:

“The core point is that the eurozone may have to take drastic steps in integration (fiscal union, etc) to save the euro, making it nigh impossible for a fully sovereign state to remain part of the Project. In other words, it is not so much Britain leaving the EU as the EU leaving the treaty-based club of sovereign states it was supposed to be.”

The document was written by Alastair Newton – “an ex-British diplomat, former head to Tony Blair’s G7 team, and intelligence co-ordinator in the first Gulf War”. For some reason the Telegraph have not published the whole document so here it is:

With the Eurozone set to go tits up again in the autumn, that November by-election could prove very interesting…




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Quote of the Day

Dominic Raab wrote in his letter of resignation…

“This is, at its heart, a matter of public trust,” he told the PM, concluding: “I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election… I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom. I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit…”

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