Following a second massive BREXIT humiliation, May’s government staggers on under ever increasing pressure. With just three weeks to go until the legal date of BREXIT, the whole country waits with a mixture of trepidation and fatalism.
The UK government is now in a catch-22 position where it simply can’t win – whatever win looks like. Instead of bringing the nation together and fixing our economic and social problems, BREXIT has divided the nation, generating increased contempt for the political class.
There will be real economic consequences of a no deal BREXIT. UK trade would revert to WTO rules meaning it could face EU tariffs & possible quotas. Meanwhile manufacturers may need to move their operations into the EU to avoid delays in importing components, and our exports may be delayed or even rejected by the EU due to authorisation and certification requirements.
The list of potential problems is huge…. But, against all the odds, UK PLC is actually doing OK. The chancellor’s Spring statement discussed last week sought to demonstrate that better than expected tax revenues were helping to boost the economy. Given that most markets have already priced in a rocky BREXIT journey, will it really be as bad after all.