Wednesday, July 13, 2016

Brexit on Steroids

Last week the Brit government denied the petition signed by some four million citizens to hold a second Brexit referendum.  That was predictable--the terms of the petition would have changed the rules after the game was over by insisting on a 60% vote to Leave.

But what was surprising was the withdrawal of one of the two remaining candidates for PM over the weekend and the quick decision by David Cameron to make his resignation effective immediately, not months from now.  Meaning that as of today, Theresa May is the Prime Minister of the UK.

Candidate May said that the Brexit should begin without delay, so it seems the UK could invoke Article 50 and begin the process more or less immediately.  Big change.

What does it mean?  Nobody knows.  This sudden burst of speed does seem to be responding to the financial pressure that resumed after a brief period of hope that it wouldn't actually happen after all.  In fact, the most persuasive long term prediction I've read suggests that when it's all figured out, the big loser will be the UK financial sector (especially the banks) and that's what will hurt the British economy.

Beyond Brexit, what kind of PM will Theresa May be?  Apparently not even the Brits know.

Though she kind of looks like Donna's mom on the David Tennant Doctor Who, doesn't she?

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