So, 6 More Months of Brexit. That can’t be good for anyone…While there will be time to reflect, there’s unlikely to be too much downtime until things heat up in Parliament…
Following the EU’s decision to grant Britain with an unwanted 6-month extension to depart the EU, its pressure time for the British PM.
The focus through the first quarter had been to garner the best possible deal to leave the EU by the end of March.
Having failed, an extension to 12th April was also insufficient time for lawmakers to find common ground. So now, there is not only enough time for members of Parliament to seal the fate of Britain, but also to seal the fate of Theresa May.
Unsurprisingly, Parliament focused on the length of the extension on Thursday. For those who have been looking to oust May from the top, there’s now the opportunity to force a general election. Interestingly, however, one does wonder whether anyone would actually raise their hand for the unenviable task of bringing to an end the political wrangling that has led to so much outcry.
For the British government, the 6-month extension may have inadvertently returned some bargaining power back to Parliament.
If the EU was really unconcerned with Britain falling out of the EU without a deal, an extension to mid-May would have sufficed.
Either way, as cross-party talks are expected to continue, economic uncertainty will continue to shroud Britain. Businesses will have another 6-months of wondering what the future will hold and that can’t be a good thing.
Theresa May remains determined to deliver the people’s vote and guide Britain out of the EU. The government’s failings have, however, raised the chances of Britain remaining in the EU.
Not only is there sufficient time for a snap General Election, but also for a 2nd Referendum. Following recent votes in Parliament, the 2nd Referendum option would need more support to become a reality, however. A general election and an end to the Tory Party may be a far more likely outcome.
The writing appears to be on the wall for a Party that completely imploded over Brexit. The latest opinion poll, carried out by BMG Research, has shown the Tory Party margin evaporate in April to give Labour the lead with 31%.
For TIGs, now known as Change UK, a longer extension may have been a better outcome. The length of the extension will likely leave them short of becoming a real contender in any snap election. The latest polls have TIG at 8%, ahead of UKIP and neck and neck with the Lib Dems.
The Tories have suffered the most from the arrival of Change UK. Could this be a new dawn for British Politics? Britain is in a desperate need for a younger more modern representation. The last two and a half years of political wrangling is evidence of that…
And The Pound,
At the time of writing, the Pound was up by 0.08% to $1.305893. While finding support from the latest extension, whether there’s any possible upside remains to be seen. A deal will need to be in the making for any rally. Or at least talk of a 2nd Referendum… For now, the markets may yet to have decided on the best possible outcome ahead of the 31st October deadline.