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Brexiteer John Redwood Slammed For Advising Wealthy To ‘Get Money Out Of The UK’
An MP who has been one of the most prominent cheerleaders for the UK quitting the EU has faced fierce criticism for urging investors to move their money away from the UK while also backing a ‘hard’ Brexit.
Earlier this month, John Redwood, the Tory MP for Wokingham and former banker, wrote a column for the Financial Times titled: “Look further afield as UK hits the brakes.”
Redwood, who as well as being a Member of Parliament earns £180,000-a-year as chairman of an investment committee for the Charles Stanley Group, suggests the European Central Bank will pave way the way for more fruitful investments than the Bank of England.
Oh the irony @johnredwood said #Brexit great for UK now advises invest in EU as UK weakens. “European Central Bank better for growth.” pic.twitter.com/UCxCTsFuG0 — Mark Nottingham (@mnottingham) November 5, 2017
The column was published on November 3, but was roundly criticised on social media on Sunday after being the subject of a blog by Forbes magazine writer, Frances Coppola.
Redwood has long argued the UK economy will flourish after quitting the EU, and has argued the British public will be well-catered for by UK-produced cars, wine and cheese in the event the EU imposes high import tariffs post-Brexit.
Brexiteer @johnredwood warns investors to get their money out of the UK, then tells the UK to go for hard Brexit. #disasatercapitalism t.co/Akjfu4ytI2 cc @FlipChartRick
November 12, 2017
In his piece, the veteran MP and former Cabinet minister compares the European Central Bank’s measures to “promote faster growth” – no rises in interest rates for the foreseeable future, a money creation and bond-buying programme – to the Bank of England, which is “busily arguing with itself”.
While Coppola agrees with Redwood’s broader point that the UK is facing a sharp slowdown, she points out that “he does not mention Brexit” before giving “advice to investors to flee the UK before the credit crunch bites”.
“It is an absolute disgrace for this man to give such advice,” she adds, arguing he is “a senior member of the Conservative Party, which is currently in government and making a total hash of the Brexit negotiations”.
She points out his FT profile makes no mention of his job as an MP. “After all, telling investors not to invest in the UK is hardly patriotic, is it?,” she notes.
The writer then points out how Redwood a week later “told the UK government to go for ‘hard Brexit’” – in the tweet below – amid a UK-EU deadlock over trade talks.
The UK needs to reverse the argument – if the EU does not start talking about a free trade agreement with the UK before the end of the year then the UK will press ahead with the WTO option as Plan A and work with business to trade without an FTA with the EU.
November 11, 2017
Coppola argues ‘hard Brexit’ would mean “an immediate deep recession for the UK and permanently lower living standards for many of its citizens”, and goes on to accuse Redwood of trying to “protect his job as an investment manager” by warning his “wealthy clients to get their money out before the disaster hits”. The writer finishes:
“This is despicable behaviour by a lawmaker. The Rt. Hon. John Redwood MP is putting his own interests above those he represents. He is unfit to hold office. He should resign.”
The response to the column on social media was unforgiving.
A mere month after John Redwood told the Chancellor to “get the Treasury to have more realistic, optimistic forecasts” he is advising investors to take their money out of the
November 12, 2017
A financial expert called John Redwood advised investors to abandon the UK. The brexiter John Redwood won’t be pleased with that and what do you mean they’re the same person? pic.twitter.com/ijlDP8hZhR
November 12, 2017
This is horrendous. I see some Brexiteers on here ranting about Remainers being “traitors” and “unpatriotic”. Well, why not have a look at what John Redwood, that arch-Brexiteer, has been doing? t.co/K7T7AT34Az
November 12, 2017
WTAF. John Redwood is on record advising investors NOT to put money into the UK, indicating he knows damage is coming. At the same time he’s a politician actively pushing for a ‘no deal’ Brexit. Where are his priorities? t.co/QwODHPdAzL
November 12, 2017
www.huffingtonpost.co.uk/entry/john-redwood-brexit_uk_5a08cb50e4b0e37d2f3833c4
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