Jeremy Corbyn has faced down a challenge spearheaded by his deputy, Tom Watson, for Labour to "signal its unequivocal backing for a second Brexit referendum in the forthcoming European election campaign", says Heather Stewart in The Guardian. On Tuesday, Labour's ruling National Executive Committee announced that its manifesto would be in line with its longstanding policy.
That means a "confirmatory referendum" only on what the Labour leader calls a damaging Tory Brexit, says Jim Pickard in the Financial Times, not on his preferred softer version of Brexit, which would involve a permanent customs union with the EU.
Labour has "always been split" between loyalty to its pro-European roots and fear of alienating working-class Leave voters, says James Blitz, also in the FT. But this time there are also differences over the party's tactical goal in the European elections. Watson says Labour's main goal must be to defeat Nigel Farage's Brexit party, which it won't do if it continues to "sit on the fence" over Brexit.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, some Corbynites see a Brexit Party victory as an opportunity, says Will Hutton in The Observer. It would lead to a eurosceptic nationalist, probably Boris Johnson, taking over from May in the summer. He would argue for a no-deal Brexit, split the parliamentary Tory party and pave the way for a Labour election victory.
Given the disarray among the main parties and the fact that six million signed a petition for Brexit to be cancelled, "I find it remarkable that Change UK, the Lib Dems and the Greens have not made common cause to create an anti-Brexit alliance in what is effectively a proxy referendum' on 23 May", says William Hague in The Daily Telegraph. The election now stands to be a reassertion of Brexit. This failure to unite also suggests that "if and when" a realignment of parties takes place", Labour and Tories will pull left and right, with no real alternative left in the centre.
-
UK inflation expected to rise to 2.8%The rate of UK inflation is expected to rise when January’s figures are published tomorrow, partly driven by a bounce in airfares and the introduction of VAT on private school fees
-
Blow for Premium Bonds savers as NS&I announces interest rate changesNS&I has announced changes to a number of its savings products including Premium Bonds today. We explain what it means for savers.
-
Britain’s inflation problemInflation in the UK appears to be remaining higher for longer when compared with similar rich countries. Why? And when can we expect a return to normal? Simon Wilson reports.
-
Will the sanctions aimed at Putin have any effect?Briefings Russia’s invasion of Ukraine has changed the West’s strategic calculus and tougher than expected sanctions have followed. Will they be enough to change the course of events?
-
Why the City should create a single financial market with the SwissOpinion A tie-up between London and Zurich, two global financial centres, could pay huge dividends for both, says Matthew Lynn.
-
EU throws green spanner in the works of global tradeFeatures Europe has big plans for the environment – but making them work without damaging world trade will be a challenge.
-
Which countries sell citizenship and how much it costsFeatures Fancy living in a European capital, or gaining citizenship of a Caribbean island? If you have deep enough pockets, the world is your oyster, says Alex Rankine.
-
How Brexit will save the United KingdomFeatures Leaving the EU should strengthen the United Kingdom – a multinational union Europe can only aspire to. Alex Carew, a London-based fund manager and economic historian, explains how.
-
Boris Johnson and the irresistible rise of “cakeism”Features But will dabblers in it meet with a sticky end? Emily Hohler reports.
-
Farage victory would tip the balanceFeatures A Brexit Party win may concentrate minds in parliament and break the stalemate. Emily Hohler reports.
