With the Conservative leadership campaign having resulted in the previous Foreign Secretary and London Mayor Boris Johnson entering No.10. The bigger question is about the current state of Brexit. The new president of the European Commissioner being Ursula Von der Leyen has proposed hopes for a delayed Brexit.
This new elect wasn’t met well by the Brexit Party. It has shaken up the political landscape following the European Elections where they were able to pull off a surprise result winning 29 out 73 seats in European Parliament. Further questions have been asked about the effects of Brexit on the country with ongoing uncertainty being a common theme amongst the whole nation.
Officials don’t seem to know where the dice will fall. If we are to leave on the 31st of October Johnson has made it clear that he would pull the UK out of the EU without a deal. Even stating “do or die”.
(source: guardian)
Even more bold of him was his attempt to suspend Parliament resulting in MPs being sent home for the 2 weeks in order to execute his plans of a no-deal Brexit. This was further blocked by MPs who advocated that MPs should be able to sit in on the events running up the 31st of October, where the motion was passed 315 to 274 a majority of 41.
There are worries that following his appointment as the new Prime Minister, the Johnson government may receive a potential backlash over fears they will be blamed for the aftermath of Brexit in the likelihood that it is devastating.
“People are shaken. The basis on which we have worked all our careers suddenly feels challenged”
Simon McDonald, Head of the Foreign Office
Civil servants have been frantically trying to piece together contingency plans for the past 3 years. But with the attitude towards Brexit becoming much of a ‘values project’, it has made things difficult for Whitehall to come up with a genuine strategy, given the differing values on Brexit for Remainers or Brexiters.
Eyes are also being pointed to the value of the Pound which last Wednesday fell 1.24 below the dollar, following Brussels’ rejection of the Irish backstop. From an investor’s perspective avoiding investment in the UK amidst uncertainty with Brexit is likely. The plans for concrete contingencies in place for businesses in the UK, in the scenario of a no deal or hard Brexit, means that investors may wish for another extension.
In a few months’ time the pendulum for the pound could swing either way. The effects on the UK are now being reflected within the economy although the UK has been resilient and hasn’t fallen into macroeconomic catastrophe following the referendum result – even with worries cast by the Governor of the Bank of England Mark Carney. But what is noticeable, is a fall of investment within the UK which is no doubt due to the economic slowdown because of the tensions and toll Brexit negotiations and May’s government has had. Leaving several investors with no assurance of investing within the UK.
For me and much of the country, Brexit has become a nuisance. It is constantly being covered by the news and very little has actually been cleared up. The same scares of economic slowdown and loss of jobs from one side contrasted with the high hopes of enlightenment are confusing and creating apathy.
The country wants this episode of Brexit Madness to be put to be bed one way or another, and hopefully come October 31st it will all be resolved. Maybe through a second referendum, or a miraculous deal with Brussels or a no deal Brexit. Nonetheless our stamina as a whole has been drained by this chapter, and it’s time for a new one to be put in place, and my hopes is for Mr Johnson to do so.
