Ever since the Brexit vote, financial markets have had an uneasy relationship with the UK. The pound fell sharply after the vote to leave the European Union in June 2016, which surprised many in the City, and since then, UK financial markets have been volatile, trying to price in the consequences of this decision.
Continue readingPrime Minister Boris Johnson will surely say that he got “Brexit done”, as he promised. However, in a sense, Brexit is only just beginning.
The abrupt fall from grace of Dominic Cummings, the much-admired and much-loathed adviser to UK Prime Minister Boris Johnson, has sparked all sorts of theories as to what was behind it, and with good reason.
Cummings’ actions have been divisive and often controversial, starting with his choice of “misfits and weirdos” to replace civil servants whom he sacked unceremoniously, to the famous drive he took across the country while both he and his wife were ill with Covid-19 and a national lockdown was in place.
As a second wave of the Covid-19 pandemic is taking hold of Europe, the European Union, with its high welfare and healthcare standards, seems to be able to withstand it better than the US.
But if in terms of public health this may be true, in economic terms EU politicians and policymakers should use this once-in-a-lifetime opportunity to understand that the EU risks falling behind the US and China — and to take measures to prevent that.
Facebook started out by inspiring admiration for its ability to connect people and help them trace down long-lost relatives, former school mates and old flames.
But as it has grown bigger and bigger, Facebook increasingly looks like a black hole that swallows up small businesses, livelihoods, and, in the end, democracy itself.
Just like he “urged everyone to find closure” regarding Brexit following his victory in elections last year, UK Prime Minister Boris Johnson last week urged everyone to “move on” from the Dominic Cummings saga. But just like then, it is easier said than done.
The reports of the death of the European Union have been greatly exaggerated – to quote Mark Twain — a few times already in the bloc’s tumultuous life.
This time, however, the European Central Bank (ECB) cannot be the only one to do “whatever it takes” to save the eurozone – and implicitly the wider EU — from the economic consequences of the Covid-19 crisis.
Brexit is the main issue of the election campaign, but those who believe the Prime Minister’s slogan that the can “get Brexit done” are deluding themselves.
As Conservative Party members vote for the next UK prime minister — the one who will maybe, possibly, finally take Britain out of the European Union — they face a depressing choice: neither of the candidates is prepared for the role, and neither will create any ‘Brexit dividend’.
As the day of Brexit approaches (or not), emotions are running high. Particularly on the side of those wanting to remain in the European Union, there has been unprecedented unity and clarity in pushing for a deeper understanding of what the EU actually is.
However, this may come too late. A fundamental lack of knowledge and understanding of the EU is the root of the problems facing the UK today – not just the British government’s negotiation efforts, but also the public at large. Let’s look first at the main thing that sets the British apart from the people on the continental EU.