Leading up to the 2016 British referendum on membership of the European Union, leader of the UK Independence Party, Nigel Farage, called on June 23rd 2016 to be Britain’s “Independence Day”, however, now 9 months after the historic event the UK has finally announced the date to which British Prime Minister Theresa May will give the European Union notification of the UK’swithdrawall from the EU, known as Article 50, this date being March 29th 2017. However, unlike today’s headline from the Daily Express, the UK will still remain within the European Union for at least a further 2 years with negotiations unlikely to begin full swing until early May, following the French Presidential Elections, which in itself begs the question of potentially 1 month of vital negotiations lost.
However, with Brexit Secretary of State, David Davis, almost 9 months in the job as well has still failed to give a clear concise indication of the UK’s goals for negotiations, what we’re hoping to get, and where we’re willing to compromise. While not being public with this information does not necessarily mean he has no plan, however, during a committee meeting last week David Davis admitted to not having any idea of the implications of there being no deal with the European Union after the 2 years of negotiations. Do you not reckon that the worse case scenario should be considered? Especially after Prime Minister Theresa May said that “No deal is better than a bad deal”?
The suggestion that with 8 days before Article 50 is activated without any clear indication of our intentions with the European Union is likely to create reduced investor confidence which will be fragile towards any news of where the deal is going, be it good or bad. However, it is likely that March 29th will be one of many days where the British government intends to demonstrate more control of a situation then it may actually have, while David Davis’ Article 50 bill in Parliament was able to pass with minimal resistance from MPs after the Labour party still largely in disarray after the failed coup attempt last year, simply rolled onto its back, the strong resistance in the House of Lords showed that even 9 months on, people still remain focused on perhaps not stopping, but very much leading Brexit negotiations away from some of Theresa May’s rhetoric after she became Prime Minister.