“[Chancellor of the Exchequer] Philip Hammond was moved in the wake of the deal’s announcement, to declare that ‘Britain has lost none of its allure to international investors.’ But that’s sophistry, and he knows it,” Moore reports. “Not only is SoftBank paying in devalued Sterling, what it is buying is a global company which does most of its business in dollars. So SoftBank has launched an opportunistic bid in the knowledge that it faces almost no Brexit risk by doing so.”
“But the real worry here is not this deal, it is next one, and the one after that,” Moore reports. “It isn’t only the Yen which Sterling has fallen against. Others will be emboldened by this transaction and the Government’s response to it, even if their targets face post Brexit risks that ARM doesn’t. They will not be as agreeable as the owners of British assets as SoftBank appears to want to be.”
Read more in the full article here.
MacDailyNews Take: Selling England by the Pound.
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