The Financial Times reports that “The British pound powered ahead on Monday morning, carving out one of its biggest rallies of the past decade after opinion polls on Britain’s EU referendum showed rising support for the Remain campaign that put it neck-and-neck with the rival Leave camp … In previous weeks, the campaign to exit the EU at the June 23 referendum had slowly gained momentum, unsettling the pound and financial markets in general … But there has been a slight swing back in favour of remaining, buoying the pound. Sterling jumped over 2 per cent to $1.4650, making it the best performing major global currency against the US dollar. It was eyeing its best session since December 2008.”
The referendum is only three days away and both sides are pulling out all the stops in a campaign that is far more about fear than fact. The “out” campaign is, very largely, based on the wort sorts of xenophobia ~ and nit just about migrants from Africa and the Middle East, either; it also plays on deep seated English suspicion of continental Europeans and their aims.
My personal preference is that the “in” campaign wins by the tiniest of margins and then that Prime Minister Cameron uses that very, very narrow margin of victory as a wedge to force open the treaties and remake the European Union into something that will work for all its members ~ that’s my layered cake approach, again ~ because without substantial reform I think the EU is bad for Britain and for Europe.
The Europeans need to get serious about who can and cannot be in the top,the most deeply integrated into a UnitedStates of Europe, tier. There may need to be two €s: a Mark or Krone based one and a Frank/lira based one, too. The Schengen Agreement may also need to be refined ~ migrants may have stretched it too far. The bottom tier needs to be large enough and loose enough to allow Iceland, Norway and Switzerland to join Britain in the free trade zone without having to accede to many of the other provisions ~ which means that Britain must be allowed to “opt out” of many of them, too.