Government sells the BBC to Brussels


In a supposedly good news article entitled ‘European investment bucks Brexit’, The Telegraph revealed today that all is well with our long-term economic prospects because European investment in Britain has doubled over the past three years. In the past year alone, EU buyers ‘snapped up 533 UK assets through mergers and acquisitions’ including ‘companies, property and stakes in fast-growing firms’ totalling £23 billion. The weaker pound and the relatively poor performance of UK stocks, because of Brexit, have contributed to making UK assets cheaper to foreign buyers. Apparently, the sale of The Gherkin is only one of, ‘some very large assets acquired by overseas investors taking the long view’.

When you sell off your assets, aren’t you storing up trouble for the future? Foreign investment can benefit the host country when it takes the form of new plant, capacity and skills, as when Nissan invested in Sunderland – although we should bear in mind that the cost of the financial sweeteners is born by the rest of the economy. But when existing assets are bought up, we are simply trading a short-term capital gain for all the profits, rents and dividends that will henceforth flow out of the country. In the case of our fastest growing firms, particularly those in high-tech sectors, the situation is even worse, because we are handing to our competitors the know-how on which our future prosperity depends. The casualty list grows ever-larger. No wonder that our balance of payments is continuing to deteriorate, with the run-down of our net assets and consequent outflow of profits, rents and dividends proving a major factor.

Too many Brexiteers of the ‘Global Britain’ variety associate economic prosperity with the capacity of their friends and associates in the City of London to make a fast buck. What is the point in regaining our sovereignty if are to become a giant overseas asset? For most advanced industrial countries, the bedrock of their prosperity has been, not the success of foreign-owned multinationals and financial traders, but the growth of their domestic industries, suitably protected and cossetted, and a consequent virtuous circle of high domestic investment and high productivity.

So, what happens once we have flogged off all our assets – once we have flogged off every business, airport, football club, power station and housing estate? The Chinese are busy buying up new property developments before they are even built. What do we sell then? The National Gallery? The royal palaces? Our armed forces? The National Trust? The Houses of Parliament? The BBC?  Now we are talking


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3 Comments on Government sells the BBC to Brussels

  1. You Brits should break up the BBC and sell off the parts (some of them, it must be admitted, excellent: e.g. the Bristol-based wild life film unit). It’s long past its sell-buy date. A once remarkable institution has been completely infiltrated by enemies of the state and has even been headed by a vile racist (the “hideously white” Greg Dyke) without so much as a murmur from the Establishment.

  2. The pattern of poor leadership that we have seen since the referendum, is sadly repeated throughout the business world, as well as within the Civil Service and Government. The theories of managerialism (management as a dogma every bit as rigid as Marxism), in combination with greed, self interest, and the promotion of the dull but diligent blight most of the large organisations in the UK. Selling assets, Just in Time supply chains, a cultural war against the indigenous Briton, executive pay increasing ten fold, a hundred fold, damn near a thousand fold. Risk is devolved downwards, reward upward. These are some of the reasons that the good folk of the UK correctly voted to leave the European Union, and the grasping culture typified by the ghastly Tony Blair. It will be a terrible thing if the optimism with which we as people joined together to leave the Oppressive European Corporate-state, is corrupted and twisted by the status quo loving globalists of Remain, and the free market is all (except for their Salaries of course)plutocrats who would sell the whole Kingdom if they could find a buyer. To coin a phrase we do need to ‘Take Back Control’!

  3. Never mind. We will always have the Royal Family which “brings in millions of pounds”. We have a tradition of selling off the family silver whenever we are a bit short – and add to that foreign investment that is prejudicial to our security as with Hua Wei, or our power stations. We led the world in aeronautics after the war, cars and shipbuilding went to Japan and Korea. We were offered the entire Volkswagen manufacturing plant, and turned it down as unrealistic. It has been a catalogue of failure, and no change in sight. Can we not use the Honda plant to manufacture cars when the time comes? We could resurrect the Beetle, now made in Mexico, the finest small car ever made. Fanciful, of course – I bought a new one in 1956 – the best car I ever owned. Still being driven.