China Bank: UK Is Right.

The US is miffed that the UK has applied for membership of the new Chinese led Asian Infrastructure Investment Bank. There have been sniffy comments about meeting ethical standards and the environment. Coming from the American government there is a ring of sour grapes in all this.

This blog has complained often of the lack of independent thinking at the heart of British foreign policy and railed against misjudgements in the Ukraine and mess ups in the Middle East. But on China Britain is right. America is no longer the only show in town, though it remains by far the biggest show of all. It is not in British interests to hitch its future entirely to the American wagon, nor even the European. With deteriorating relations with Russia (unnecessary), the muddle over the Euro (avoidable) and the rise of China as an economic superpower (inevitable), Britain, as a trading nation, must build independently an international network based on relationships founded on mutual interest. This will be achieved by engagement, not confrontation and joining up, not walking away.

America will have to get used to this and as a true friend it will. Meanwhile the UK foreign office is to be congratulated on one of its few bright moves. There may be a reason for this. It is said the orders came from the Treasury.