X

Create an account to continue reading.

Registered readers have access to our blogs and a limited number of magazine articles
For unlimited access to The Spectator, subscribe below

Registered readers have access to our blogs and a limited number of magazine articles

Sign in to continue

Already have an account?

What's my subscriber number?

Subscribe now from £1 a week

Online

Unlimited access to The Spectator including the full archive from 1828

Print

Weekly delivery of the magazine

App

Phone & tablet edition of the magazine

Spectator Club

Subscriber-only offers, events and discounts
 
View subscription offers

Already a subscriber?

or

Subscribe now for unlimited access

ALL FROM JUST £1 A WEEK

View subscription offers

Thank you for creating your account – To update your details click here to manage your account

Thank you for creating your account – To update your details click here to manage your account

Thank you for creating an account – Your subscriber number was not recognised though. To link your subscription visit the My Account page

Thank you for creating your account – To update your details click here to manage your account

X

Login

Don't have an account? Sign up
X

Subscription expired

Your subscription has expired. Please go to My Account to renew it or view subscription offers.

X

Forgot Password

Please check your email

If the email address you entered is associated with a web account on our system, you will receive an email from us with instructions for resetting your password.

If you don't receive this email, please check your junk mail folder.

X

It's time to subscribe.

You've read all your free Spectator magazine articles for this month.

Subscribe now for unlimited access – from just £1 a week

You've read all your free Spectator magazine articles for this month.

Subscribe now for unlimited access

Online

Unlimited access to The Spectator including the full archive from 1828

Print

Weekly delivery of the magazine

App

Phone & tablet edition of the magazine

Spectator Club

Subscriber-only offers, events and discounts
X

Sign up

What's my subscriber number? Already have an account?

Thank you for creating your account – To update your details click here to manage your account

Thank you for creating your account – To update your details click here to manage your account

Thank you for creating an account – Your subscriber number was not recognised though. To link your subscription visit the My Account page

Thank you for creating your account – To update your details click here to manage your account

X

Your subscriber number is the 8 digit number printed above your name on the address sheet sent with your magazine each week. If you receive it, you’ll also find your subscriber number at the top of our weekly highlights email.

Entering your subscriber number will enable full access to all magazine articles on the site.

If you cannot find your subscriber number then please contact us on customerhelp@subscriptions.spectator.co.uk or call 0330 333 0050. If you’ve only just subscribed, you may not yet have been issued with a subscriber number. In this case you can use the temporary web ID number, included in your email order confirmation.

You can create an account in the meantime and link your subscription at a later time. Simply visit the My Account page, enter your subscriber number in the relevant field and click 'submit changes'.

If you have any difficulties creating an account or logging in please take a look at our FAQs page.

Blogs

A choice for Tories: Goldman Sachs or UKIP?

4 December 2013

9:21 PM

4 December 2013

9:21 PM

Hats-off to James Kirkup for noticing that Goldman Sachs have suggested they would “drastically” cut their UK workforce (and operations) should Britain decide to leave the European Union. That is the view of Michael Sherwood, the fellow responsible for running Goldman’s european operations.

I am sure eurosceptics will dismiss this as the usual scaremongering just as Scottish nationalists dismiss warnings that some businesses (RBS?) might shift their operations south in the event Scotland votes for independence next year. This is but one of the many ways in which the european and Scottish questions overlap or dovetail with one another.

Perhaps it is only scaremongering! But what if it isn’t? In any case, the Tory High Command can be forgiven for considering this a distinctly unhelpful intervention in the european debate.

It is true, as James observes, that investment banking houses are few people’s idea of popular heroes of capitalism. Many people may chunter that we’d be well shot of the buggers anyway. Nevertheless, Mr Sherwood’s remarks point to another looming Tory split on europe. A split, this time, between those Tories most keenly-attuned to the interests of high finance and the City of London and those more inclined to the pitchfork and populism wing of the party.

[Alt-Text]


You can appease Goldman Sachs or you can appease UKIP. It will be very difficult to appease both. The party’s heart increasingly lies with the pitchforkers but its head – and, rather importantly, its bank account – still rests with the financiers.

There is, plainly, a tension between these two instincts and resolving it will go a long, long way towards determining whatever the party thinks next about europe.

With the usual caveats about the dangers of reading too much into American examples, I would simply observe that when the Republican party has been asked to choose between – to put it crudely – the interests of Wall Street and those of Main Street it has tended to side with the former.

Perhaps the Tories will choose differently. The latest polling from marginal constituencies will doubtless help concentrate minds. The Tory party seems to be in the process of persuading itself that UKIP constitute a bigger threat than even Labour. (I do not share this belief; I note only that it seems widely held.)

But making a play for UKIP voters is not a cost-free exercise and, if nothing else, this warning from Goldman Sachs may remind Tories of a truth they often seem to discount.

The Better Off Out brigade will, I suppose, have none of this and continue to insist that Britain outwith the EU will enjoy everything it presently enjoys and endure none of the things it does not. Perhaps so. But in this, too, they rather resemble Alex Salmond’s Scottish nationalists. Funny old world, sometimes.

UPDATE: Andrew Stuttaford reminds me that Peter Sutherland, Chairman of Goldman Sachs International, is a former EU commissioner. So this, the implication is, should be filed in the drawer marked They would say that wouldn’t they? Moreover, as Andrew says, the precise nature of the terms of any “Brexit” would have some impact on all this. Perhaps. But even so…

 

Give something clever this Christmas – a year’s subscription to The Spectator for just £75. And we’ll give you a free bottle of champagne. Click here.


Show comments
Close