• NOW, it is Italy’s turn to draw attention to the euro-crisis. Earlier this month economist Dani Rodrik defined the eurozone, with its single currency and four so-called freedoms, as having most closely reached the state which he terms “hyper-globalisation” in which the “inescapable trilemma of the world economy” comes into play by which a country can participate in economic integration, nation-statehood or democracy, but not all three.

Countries in the eurozone retained statehood when they joined the single market and adopted a single currency to give them economic integration, but therefore denied themselves democracy.

No surprise then that Greek elections could not be allowed to influence the EU’s economic policy towards Greece and now Italy’s government is being told that its budget is unacceptable.

Here in the UK, London’s 30 per cent of the UK population produces almost 40 per cent of the economic output. The value of the housing stock of the London boroughs of Westminster together with Kensington and Chelsea is worth as much as that in the whole of Wales.

Remoaners in Islington ought to reflect on the fact that voting in the referendum illustrated the same regional distribution, with votes to remain concentrated in the metropolis.

Put simply: across any economic zone within which there are no borders to capital flows capitalists, people with surplus capital to invest, when free of the risky burden of manufacturing, will progressively concentrate their investment where they can get the very best return.

As this concentration progresses, division among the people left behind becomes more palpable. While further referenda may well not achieve a different result and will not resolve these divisions, they would certainly exacerbate them.

CHRIS GRAHAM
Tollington Park, N4