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Another embarrassing defeat for Boris, what is the way out?

Boris Johnson, the UK Prime Minister has strangled himself in a difficult situation after underestimating the power of British lawmakers who control Parliament. The Prime Minister faced two more defeats yesterday: he could not establish enough support to trigger a snap election. This would have made his dream of no-deal Brexit true because he wants to deliver it under any cost. Finally, Boris also failed to stop the motion which is going to delay Brexit. This was the most embarrassing defeat for him, and all of this landed on his doorstep in just under 43 days in office.

Clearly, Bojo’s dream (Boris Johnson) is cracking up and it is only a matter of time until his government collapses. Exiting the European Union without any deal is no short of a nuclear disaster for the UK. Fortunately, Bojo’s party understands this, but he has labeled them as rebels. This was a miscalculation on his part, and to make matters worse for himself, he fired 21 MPs. The so-called rebels of the Conservative Party joined the opposition to stop him from making this blunder, the last nail in Boris’s legacy.

They say when people are angry, they do not think logically, but in Boris’s case, logic wasn’t even a starting point. The domino effect came when he called for a general election vote in order to secure his authority, but it was no short of an embarrassment. He found another defeat with his name written on it.

Politicians do suffer setbacks, but for Boris, this is a catastrophe and the consequences (of these defeats) are going to hunt him far beyond his imagination. He is clearly clueless with respect to what he wants to negotiate with the EU and so far, all of his labour and tactics have yielded zero gains.

The sad fact is that the British lawmakers are continuously shooting themselves in the foot. We have seen this with the previous Prime Minister, Theresa May. The heedless walking approach is maximizing the damage to the UK economy. The country is on the verge of a recession, the biggest victim of this is the business investment, almost zero confidence among foreign investors and business owners, manufacturing and services are teetering with contraction territory and the currency has plunged.

To conclude, a general election could be the way out of this but the opposition leader is going to make sure that Brexit is delayed first. Even then voters have to choose between a chaotic exit out of the EU led by Bojo or Jeremy Corbyn whose policies are anti-business; nationalize as much as you can.

The Brexit machinery has already butchered two PMs, while the process continues, there may be a few more to chew.    

Author

Naeem Aslam

Naeem Aslam

Zaye Capital Markets

Based in London, Naeem Aslam is the co-founder of CompareBroker.io and is well-known on financial TV with regular contributions on Bloomberg, CNBC, BBC, Fox Business, France24, Sky News, Al Jazeera and many other tier-one media across the globe.

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