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The 1922 Committee sets the rules for the Tory party. It has finally had enough of Theresa May's tactics. No doubt devastating poll results and local election disasters triggered this long overdue event.

Correct on All Points

  1. UK loses independent trade policy
  2. UK subject to whims of EU negotiators
  3. No leverage
  4. Loss of foreign policy influence
  5. Subject to blatantly harmful decisions
  6. Political madness

The letter left out one key point. The UK would have to pay into EU coffers every year for this disastrous result.Walking away would save the UK 39 billion pounds up front and ongoing payments every year.

With those drawbacks it economic idiocy to support a customs union, but Labour does.

Labour Very Concerned Over a Deal

Sir Graham Brady is chairman of the 1922 Committee. Note that Boris Johnson is one of the signers.

John McDonnell, the shadow chancellor (Labour) addressed his concerns on this today as noted by the Guardian Live forum.

McDonnell said today’s letter signed by Boris Johnson and others attacking the customs union plan made it harder for Labour to agree a deal with the government.

"We get a letter signed by a number of senior Conservatives, published this morning, by Boris Johnson ... who is certainly going to be in contention for the leadership. Very likely to be the next leader. Could well be prime minister in, literally, months, and in a situation where he in his letter today says he is not going to accept a customs union, and, actually, he will overturn the deal that we ... negotiate."

Second Referendum

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McDonnell wants a second referendum but there is no stomach for one. Even if there was such a proposal, the EU would likely not wait.

McDonnell also admits he is a socialist remainer and claims Corbyn is too. "Deep in my heart I’m still a remainer.” Asked if Corbyn was also still a remainer in his heart, the shadow chancellor said: “Yes.”

Labour's Problem

Jeremy Corbyn has not taken a firm stance on anything other than wanting a disastrous customs union.

Corbyn wants a second referendum only as a last option.

Like the Tory party, Labour has splintered into avid remainers, avid leavers, and some who want a customs union.

Corbyn has tried to please all the Labour factions but it cannot be done.

Infighting Benefits the Brexit Party

The huge beneficiary of this political infighting was Nigel Farage's Brexit Party.

Also note that the National Institute of Economic and Social Research (NIESR) found that Jeremy Corbyn's Proposal Would Hit Britain’s National Income by £80bn a Year.

For discussion of these points, please see Brexit Party Surge: Tories Drop to 5th Place in European Parliament Polls.

Mike "Mish" Shedlock