British politics and markets are in chaos because Prime Minister Theresa May can’t sell her long-awaited Brexit plan — and no one knows what comes next.
After British voters narrowly approved a withdrawal from the European Union in 2016, we felt the United Kingdom would be better off — able to make its own decisions on trade and immigration and free from lunatic EU regulations. But little of that is in the deal May unveiled Wednesday night.
It leaves the UK within the EU’s economic orbit, subject to many of the bloc’s existing regulations and tariffs, thus limiting Britain’s ability to reach free-trade deals with other countries, but also without the ability to influence EU policy.
EU negotiators played hardball, essentially imposing most of the pain of a breakup on London. May, meanwhile, seemed to focus on allaying the fears of everyone except those who wanted a clean Brexit.
Which is why she was immediately hit with the resignations of several Cabinet members — including her lead Brexit negotiator, Dominic Raab. And her own Conservative Party remains bitterly divided, with 80 MPs set to vote against the deal.
The only thing everyone agrees on is that May’s Brexit plan is dead in the water. A floor vote against it dooms May, likely prompting a new election that could bring in hard-left Jeremy Corbin’s Labor Party — or even elevate the anti-Brexit Liberal Democrats.
The EU pushed things this far in hopes the Brits would drop the whole idea. That was a big risk — since it may yet result in a “no-deal Brexit” that would maximize the pain for Britain and the European Union.
Credit: NY Post</>
via USAHint.com
No comments:
Post a Comment