Remember: the EU referendum isn’t an MPs’ popularity contest
There are plenty of good reasons to vote Leave or Remain, says Merryn Somerset Webb. But whether you like the people promoting either position isn’t one of them.
There have been so many strange arguments rolling around this referendum that is has been hard to keep up. But the one that I have found the weirdest of all is that it is perfectly reasonable to vote remain purely on the basis that you don't much like Nigel Farage, Michael Gove and Boris Johnson.
Take this from Ben Chu (who I usually think is great) in The Independentyesterday. A vote to remain he says is "a ballot against Gove and Johnson's repulsive politics". This seems to me to me a total waste of a vote.
The question isn't do you like the politicians who are promoting leave or remain best. Neither is it do you prefer the political stance of those who are promoting leave or remain best. The question is do you think that over the long term the UK is better off in or out of the EU?
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
It's a long-term question not a short-term question, so who is promoting which side should make no difference to an intelligent person capable of using the internet to look up facts. We have no idea who will be the next PM. You can vote out in the perfectly reasonable expectation that the post Brexit PM will be an MP who was voted in.
Cameron may not resign he says he won't. And even if he does, why would you think that Boris would end up the next PM? The choosing of a party leader from inside the Conservative party isn't done on the basis of who might or might not have supported which side in a non-binding advisory referendum.
It is done by securing nominations from sitting MPs (the majority of whom are remainers). If there are more than two nominations, Tory MPs (majority remainers just to remind you) have a ballot on them. The top two then go to the wider party to be voted on. There is no obvious reason for either of those to be Gove or Johnson.
Johnson would be a lousy PM (there is general agreement among remainers and leavers on this one), Gove doesn't seem much into the idea, and anyway one assumes that the party will want to attempt to heal the rifts of the last few months with a middle-way leader one who has been quieter than expected during the referendum campaigns, perhaps (Theresa May being the obvious one here).
It's also worth noting that it is pretty easy to get rid of an unpopular PM in our incredibly durable democracy: a mere 15% of Conservative MPs would be needed to write a letter of no confidence, and that would be that.
Finally, it is worth noting that the next General Election isn't that far away (it is on 7 May 2020). So it isn't long before we all get a chance to vote on a new government anyway. If Boris is PM (can't see it myself but who knows) and it isn't going well, he won't be PM any more on 8 May 2020.
There are lots of excellent reasons to vote remain (I can't think of them right now but I know other people can) and lots of excellent reasons to vote leave. None of them have anything to do with which middle-aged male MP you think you think like most or you think has been the most horrid over the last six months. Because whoever he is, he won't be around for much longer. Really.
Chu responded to me telling him this on Twitter by saying that Leave's "appalling behaviour" has been "very relevant" in his decision about how to vote. I think he's massively missing the point.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).
After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times
Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast - but still writes for Moneyweek monthly.
Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.
-
Energy bills to rise by 1.2% in January 2025
Energy bills are set to rise 1.2% in the New Year when the latest energy price cap comes into play, Ofgem has confirmed
By Dan McEvoy Published
-
Should you invest in Trainline?
Ticket seller Trainline offers a useful service – and good prospects for investors
By Dr Matthew Partridge Published
-
Beating inflation takes more luck than skill – but are we about to get lucky?
Opinion The US Federal Reserve managed to beat inflation in the 1980s. But much of that was down to pure luck. Thankfully, says Merryn Somerset Webb, the Bank of England may be about to get lucky.
By Merryn Somerset Webb Published
-
Rishi Sunak can’t fix all our problems – so why try?
Opinion Rishi Sunak’s Spring Statement is an attempt to plaster over problems the chancellor can’t fix. So should he even bother trying, asks Merryn Somerset Webb?
By Merryn Somerset Webb Published
-
Young people are becoming a scarce resource – we should value them more highly
Opinion In the last two years adults have been bizarrely unkind to children and young people. That doesn’t bode well for the future, says Merryn Somerset Webb.
By Merryn Somerset Webb Published
-
Ask for a pay rise – everyone else is
Opinion As inflation bites and the labour market remains tight, many of the nation's employees are asking for a pay rise. Merryn Somerset Webb explains why you should do that too.
By Merryn Somerset Webb Published
-
Why central banks should stick to controlling inflation
Opinion The world’s central bankers are stepping out of their traditional roles and becoming much more political. That’s a mistake, says Merryn Somerset Webb.
By Merryn Somerset Webb Published
-
How St Ives became St Tropez as the recovery drives prices sky high
Opinion Merryn Somerset Webb finds herself at the epicentre of Britain’s V-shaped recovery as pent-up demand flows straight into Cornwall’s restaurants and beaches.
By Merryn Somerset Webb Published
-
The real problem of Universal Basic Income (UBI)
Merryn's Blog April employment numbers showed 75 per cent fewer people in the US returned to employment compared to expectations. Merryn Somerset-Webb explains how excessive government support is causing a shortage of labour.
By Merryn Somerset Webb Published
-
Why an ageing population is not necessarily the disaster many people think it is
Opinion We’ve got used to the idea that an ageing population is a bad thing. But that’s not necessarily true, says Merryn Somerset Webb.
By Merryn Somerset Webb Published