BBCWatch-October 2002 BBC GIVES VICHYITES AN EASY RIDE What fun to see the Vichy tendency having their latest lies stuffed back down their throats almost as soon as they are uttered. Richard Layard, otherwise know as Lord Layard from the London School of Economics and a prominent Europhile, was trying to tell us on Radio 4 last week that Britain desperately needed to sign up for the Euro. If we didn’t, economic disaster would result. Layard said inward investment into Europe was bypassing Britain. Over the last three years Britain’s share of this crucial money had dropped from about half, to only one quarter. “The single currency explains it all,” according to Layard in an article in the Financial Times. If Britain doesn’t embrace the euro PDQ, it is headed for the economic backwaters, said Layard who is director of the LSE’s Centre for Economic Performance. In an interview with closet Vichyite and Today programme presenter James Naughtie, Layard was allowed to get away with this canard. But there certainly are other possibilities, which Naughtie should have put to Layard, even without much effort and research on his part. Firstly, couldn’t it be a possibility that actions, or lack of them, by the Labour government over the last three years – stealth taxes, over-regulation; transport chaos, healthcare meltdown – might have had an impact on deterring potential investors? This didn’t occur to Naughtie. He didn’t even have the guts to question the veracity of any of the research relied on by Layard. BLASTED OUT OF THE WATER David Smith, economics editor of the Sunday Times, admittedly with a bit more time to do his research, blasted this claim for early British entry into the euro out of the water. Sure, Britain’s claim on inward investment was declining, by 34% in terms of project numbers, but inside-the-Euro-Ireland suffered a bigger, 46%, drop. “The drop in Britain’s share was due to a gain in share by countries in central and east Europe, some of which are not yet candidates countries for EU membership, let alone for joining the euro. There was, as you might expect, no evidence at all that the euro had any effect on these trends,” according to Smith. Perhaps the next time those anxious to sell out Britain to Brussels move their heads above the parapet, we can expect some independent and tough questioning from the state-funded BBC; but don’t hold your breath. Neil Winton – October 22, 2002 Top