Awaab Ishak 2 years old In Memoriam

Awaab Ishak. 2 years old. In Memoriam.

Let me state openly: I am pro immigrant. I am pro refugee. I have precisely the same view of immigrants as I do of the Royal Family. The Royal Family brings substantially more economic benefit – than the simple cost of the Sovereign Grant, and royal expenses, which sum to approximately 100 million pounds.  Even though it is difficult to quantify, as dispersed across the country (and often secondary reasons are cited for visiting Britain) yet it is fairly clear that Royal related benefits from tourism, are substantially more than £100m.

The financial assessment of cultural and international diplomatic benefits that the Royals confer upon us, is also difficult to quantify – yet as we saw with the funeral of our late Queen, they are considered to be very high indeed. I do not begrudge the Royal Family £100 million. Few other nations on earth monetize history the way we do.

Similarly, the economic benefits from immigration, including illegal immigration, are substantially more than the state-approved benefits that these immigrants receive. It is well documented, that the average duration of benefit receipt for an economic migrant, is on average, shorter than that of a native recipient. As many of these economic migrants are young men, they then go on to contribute to the Exchequer, for many years, if not decades. They are net contributors, not debtors. Their integration into British life benefits the United Kingdom enormously. I myself am the child of an immigrant, and spent 13 years serving with the British Army Reserve, of which I am immensely proud. My stepfather was a doctor, and spent his entire professional career working for the NHS. Economic migrants come for what are often considered selfish financial reasons – yet their contribution has helped what otherwise could likely have been a population decline, amongst native-born Britons. Our GDP growth rate would be lower, without the benefits of economic migration.

Those who oppose economic migration should perhaps take a step back and think how much we, as a nation, are what we are, from the cultural integration that we gladly take advantage of. Not least resulting in three of the four great offices of State in UK Government, being occupied by the children of immigrants. It is a record of integration of which we should only be proud. I would implore critics to never, ever, conflate economic immigration, with which they may disapprove, and those accorded rightly and justly, the status of refugee – the rights of whom we should never diminish.

Awaab Ishak – a beautiful 2 year old toddler, died because of the differential care provided to his family, as immigrants. People who cross the world, often at great danger to contribute to our country, should not have to die because of the mould scattered throughout their lungs due to poor housing. They deserve better. We should be better.

#awaabishak #immigration #economicmigrant #housing #costbenefit

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ESG considerations in the use of LNG

An important elephant in the room in CO2 comparative emissions, between LNG and pipeline gas, needs to be factored into consideration for both countries’ and companies, in their ESG assessment. Some estimates place the liquification, marine transportation, and regasification of LNG, as having 10 times more CO2 emissions than regular pipeline gas. This is predominantly due to the high energy required in the compression and transformation from natural gas, into its liquid state.

COP27 Climate considerations, and the reluctance to accept what is happening around us, is no joke. By refusing the heel of the Russian boot on our throat in avoiding use of Russian natural gas, we are contributing to a significant increase in CO2 emission, for the same energy output level… LNG and natural gas produce the same CO2 once burnt, but the additional CO2 emissions required in the transformation from natural gas into LNG, has to be considered at the political and strategic level.

#esg #transformation #transportation #gas #pipeline #naturalgas #energy

Our response to the Chancellor’s fiscal event

Problematic mini budget, clouded in intricately contradictory elements.

Intricate in that it can easily be presented as a wholly positive “fiscal event”… Yet without doubt this is simply putting spin on economic projections that appear based on only ideology and speculation. The evidence doesn’t support the ideology, when you drill into it. The inflationary consequences of previous stimulus, eroded the value of the stimulus and exacerbated recession. When we look at comparative graphs between tax take as a percentage of GDP, and GDP growth rates, there are several standout countries with both higher tax take, and higher average income per head – and higher GDP growth rate, with higher taxes… We do not believe taking higher taxes per se is it good thing, at all – but, conversely, increasing money circulation through lowering tax rates, in a time of inflationary expectations is counterproductive. Even, we believe, in the context of offsetting sector inflation by capping both domestic and business energy prices.

In our opinion, one of the elephants in the room is also political: the reversal in the increase in NIC. It’s not that we particularly advocated the NIC increase, but rather applauded the need to attempt a deliberate hypothecation of funds to pay for Social Care. This has now been removed and will add to overall borrowing and the cost of government debt, itself adding to upwards interest rate pressures. In addition, as quoted in The Economist: “an interest rate of just 3% today results in mortgages that absorb the same share of income as a rate of 14% did in 1980, after adjusting for the fact that mortgages are bigger and mortgage interest is no longer tax-deductible, calculates Neal Hudson of BuiltPlace, a housing website.”

That great old phrase “cash is fact the rest is fiction” is illustrated in the increase in today’s gilt yields, up by over 35 basis points on 10-yr gilts – and a huge 3% fall in the Sterling against the Dollar. This shows markets simply don’t trust Kwarteng’s mini budget. A falling currency makes imports more expensive, further fuelling continued inflation. We think that it is strategically confused and presents an expansionary Treasury against a contractionary Bank of England. Early days, of course, for this new incarnation of the Government, but macroeconomically, this budget makes little sense.

Yanis Varoufakis and the Left must engage with ‘ever-changing’ blockchain technology – or risk missing a golden opportunity

Yanis Varoufakis and the mainstream left in economics must take the potential of blockchain technology seriously, an advocate has argued.

Yanis Varoufakis and the Left must engage with ‘ever-changing’ blockchain technology – or risk missing a golden opportunity

Interesting piece by Ben Arc, on the Redaction Politics site…

Don Johnson and mafia politics

What is currently happening in British politics is more suited to Latin America, or Italy, with cartel or Mafia leadership.

Don Johnson wants to assert his supremacy over the five families, and in Dominic Cummings he has the most lethal Capo of all. A guy so well drilled, he can only see the endpoint, and not all the carnage caused en-route…

There are acres of newsprint already dedicated to the minute intricacies of Westminster vs European manoeuvrings so I don’t intend to elaborate further here. The phrase, “A Very British coup” seems as ill placed as it could ever possibly be. This is not a very British coup – it is a Latin American guerrilla government, operating with a tactical lethality that would be impressive to behold if we were watching it from afar, which sadly we’re not.

It’s been said for many years now that the Conservative Party would sell tickets to a public display of them eating their young if they could, but the fact that they’re eating their elder statesman is a turn of events few could have foreseen. Thankfully the elder statesman are not intending to go quietly, and in the guise of Ken Clarke and Philip Hammond, they are proposing what seems a quite sensible delay to what seems to be our flinging ourselves off a cliff. Depending on how European you consider yourself to be, determines how high that cliff seems to be and the state of the waters at the bottom, but venturing further into this analogy would take us into the minutiae I have been so far avoiding.
At least in a Banana Republic there are bananas. Here they’re stuck in a lay-by outside Dover waiting for customs clearance.

Damian Merciar

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