Chinese Communist Party Becomes Unexpected Loser in Brexit Aftermath

That former Chancellor George Osborne is a good friend to former Prime Minister Cameron and to Beijing was not in doubt. The former thus gave Osborne wide latitude in dealing with the latter, and Osborne used that to trump business deals over concerns about the CCP’s history of espionage and of support to enemies of the democratic world, to say nothing of its treatment of its own people (Daily Mail).

He downplayed the country’s lack of democracy as a ‘different political system’. And he argued Britain could still be the one-party dictatorship’s ‘best partner in the West’ despite its record of torture and restricting freedom of the press.

An edition of the Chinese Communist Party’s official newspaper welcomed his decision not to question China.

The Global Times newspaper wrote in an editorial: ‘Keeping a modest manner is the correct attitude for a foreign minister visiting China to seek business opportunities’.

During the visit, Mr Osborne announced his desire to ‘formally connect’ the London and Shanghai stock exchanges.

What was not as well known was how much all of this apparently annoyed then-Home Secretary Theresa May (same link).

Lib Dem ex-business secretary Sir Vince Cable admitted there were tensions between Mrs May and her former colleagues David Cameron and George Osborne.

Sir Vince said Mrs May disliked Mr Osborne’s ‘gung-ho’ attitude to Chinese investment.
Speaking to BBC Radio 4’s Today programme, he said: ‘Certainly, when we were in government,

Theresa May was, I think, quite clear she was unhappy about the rather gung-ho approach to Chinese investment that we had, and that George Osborne in particular was promoting and, as I recall, raised objections to Hinkley at that time.’

It is thought there are also security concerns about the role of the Chinese state – which has a one third share in the project – investing in critical infrastructure in the UK.

Hinkley is a reference to a nuclear power plant proposed to be built in the UK by EDF – a French firm – with a large amount of investment from two CCP regime-owned firms. The deal came with a loan guarantee and a price floor of over 130% of wholesale prices (to be fair, I am not familiar with the traditional retail power markup). All the same, the deal seemed done this week, with officials from Beijing flying over to sign on the dotted line…

…except that David Cameron is no longer Prime Minister – thanks to the EU referendum last month – and Theresa May moved up from the Home Office to Number 10 Downing Street, and in a position to act upon her concerns.

The visitors from Beijing and France were thus told there would be no contract signing, and the entire project would be reviewed.

Of course, May could decide to go ahead with the deal anyhow in the fall, but given that one of her co-chiefs of staff had previously – and publicly – worried about the potential for the CCP to “build weakness into computer systems which will allow them to shut down Britain’s energy production at will,” there stands a good chance that any Hinkley deal will have to find other funding.

More broadly, it is a dramatic sign that the current Prime Minister of the United Kingdom is far more serious about the threats to international stability and to general decency posed by the Chinese Communist Party than her predecessor. Anti-Communists throughout the democratic world can rejoice, but we should also be ready to offer the new PM aid and support if she continues down this road. In this country, that would mean quick work on a UK-US free trade deal. Sadly, neither major party candidate seems interested in freer trade at the moment.

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