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.    

The information is purely for education purposes only and cannot be perceived as an advise.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD edges lower toward 1.0700 post-US PCE

EUR/USD edges lower toward 1.0700 post-US PCE

EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.

EUR/USD News

GBP/USD retreats to 1.2500 on renewed USD strength

GBP/USD retreats to 1.2500 on renewed USD strength

GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.

GBP/USD News

Gold struggles to hold above $2,350 following US inflation

Gold struggles to hold above $2,350 following US inflation

Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses. 

Gold News

Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium

Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000

Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors. 

Read more

Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too

Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too

Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.

Read more

Majors

Cryptocurrencies

Signatures