United Kingdom and European Union

The London City Boys Forget the Hinterland

I wonder what the result of Camerons plans for a referendum concerning United Kingdom being part of the European Union will be.

The reempowering of national parliaments instead of the Brussels buerocracy might at first glance seem a good idea to let UK keep access to the continent market and Ireland on the one side and keep banking regulations at bay, to keep Londons importance for the investment banking business at large.

But I think Cameron – who wants to stay with above constellation in the EU – plays a game he might loose.

Scotland has rich natural resources at hand in the North Sea. Scotland needs access to the English and Welsh market, but it also needs access to the EU market, for identity and prosperity.

Playing the national card by Cameron and the Tories is all the Scottish separatists could hope for. Because the London City is not Scotlands business. But London is English and the Scottish have a growing taste for independence from England, within Europe.

The national identity is always a deep water under the thin and treacherous layer of ice that cools down the Northern Ireland conflict, as could be seen im recent events.

Northern Ireland Catholics would be torn away from their brethren in faith and (then even more enkindled) historical identity in EU ireland. Belfast is not a famous financial business location. So here again the effects could be bad.

Is Londons financial sector worth risking to shrink UK to England and Wales with a rebellion in Ulster? Is it not worth the peace to get independence from the banking business?