EMPLOYMENT LAW FIASCO

One of the reasons cited for voting to leave the EU was because of excessive regulation. I think Priti Patel, in the campaign, suggested there should be a halving of regulations (HERE). The then employment minister a prominent Tory Brexiter, called them a burden and would like to cut them by 50%. 

Boris Johnson said it was “very disappointing” that Britain had not made “changes to employment law”, complaining that we “need to weigh in on all that stuff, all that social chapter stuff”.

Now Brexit Central has a piece (HERE) saying the government will protect all our employment rights and adding that:

Indeed, our employment rights often go beyond what is required by EU law. For example, British women can have up to 52 weeks of maternity leave and 39 weeks of pay, not just the 14 weeks proscribed [sic] by the EU. Our Parliament decided that parental leave can be shared by the father, progress that the EU is too scared to contemplate. British workers are entitled to at least 5.6 weeks of holiday, more than the four weeks set by Brussels.

So, there we have it. It isn't the EU that is responsible for burdening us with employment regulations, we did it all by ourselves. This just demonstrates the stupidity of the leave vote. The EU set out regulations, we adopt them but add conditions way beyond what is necessary, then blame the EU for over regulating us. Amazing

UNEMPLOYMENT STEADY

We may have reached the bottom as far as unemployment goes with the figure actually rising by 10,000 (HERE) in the quarter ending in August.  News coverage is saying employment is holding steady at 4.9% but when you reach the bottom of the curve, this is what I would expect.  There will be a flattening out before a rise.

DAVID DAVIS CALLED FOR A THE WHITE PAPER HE NOW SAYS WE CAN'T HAVE!

One has to admire David Davis for sheer chutzpah. Before he was appointed as SoS for Brexit he published an article (HERE) in Conservative Home in which he suggests publishing a pre-negotiation white paper.  That's the white paper he now says he will not publish.

He also talk about "our indigenous car industry" which as we all know does not exist. Our car industry is almost wholly foreign owned.  Perhaps he thinks we will be subsidising Maclaren?  He also says the tariffs we raise on foreign car imports could be used to fund research or investment tax breaks for the foreign owners of these businesses.  This would go down well with the buyers of these cars I'm sure.

FOX PUTS HIS FOOT IN IT - AGAIN

In a speech to some of his supporters he has been recorded (HERE) saying Britain has become "fat and lazy" and that business executives would rather play golf on a Friday afternoon than negotiate export deals.  He thinks we have relied on our past successes although I am not sure what he means since we haven't been successful for years. We have lost entire industries in my lifetime.

He is right that we don't export enough but wrong in his analysis.  He seems to think we have the best products but simply don't sell them properly abroad. I have heard this from many a chief executive but it is still wrong.  To be successful you have to make the best products and the uncomfortable truth is all too often we don't. This is why we buy foreign products over domestic rivals.  Dr Fox thinks the answer is to open up trade and become unapologetic free traders and to avoid any sort of protectionism. I hope the workers at Tata Steel in Port Talbot are listening.

He is partially right but simply opening our doors to cheap imports will lay waste to many companies. The answer is to first become competitive and then open up trade. Opening up trade and hoping we will cope is not a strategy - except for failure.

BRICKMAKER CUTS OUTPUT IN UK

An Austrian company described as the world's largest brickmaker (HERE) has announced it is cutting production at its UK sites as the construction sector enters a recession.  However, over in what the leavers describe as the sclerotic EU there was growth in the number of single and two family homes being built.

Prosper like never before.

THE PRU SAY THEY COULD MOVE M&G FUNDS TO THE EU

The Prudential have said they are considering moving their M&G fund management business to Ireland or Luxembourg following the referendum (HERE).

The chief executive of M&G, said the decision to move assets will depend on the outcome of UK’s negotiations with the EU. "What we are trying to do as a business is give ourselves options so we are in a position to react and adapt to whatever negotiations come through over the next year or so regarding Brexit," said Anne Richard.

SURVEY SHOWS BREXIT HAS STARTED TO HIT JOBS

In spite of earlier optimistic noises from one or two recruitment firms a new survey (HERE) involving 400 UK recruitment and employment agencies suggests the number of people securing a permanent position has fallen for two months in a row. The data suggests permanent placements in July fell at the sharpest rate since May 2009, with participants citing uncertainty caused by Brexit.

This is in marked contrast to Fraser Nelson (who accuses remainers of only picking bad economic news) in July quoting just one agency, Reed, as saying the jobs market is fluorishing (HERE).