UK: Brexit related chaos continues - Rabobank

Analysts at Rabobank point out that in the UK, PM May has cancelled all Brexit-related legislation next week, and the next meaningful vote is now 29 January, only two months before Brexit happens automatically.

Key Quotes

“In other words, she has no Plan B, and yet she is locking herself in a room until the UK runs out of time. While the UK press has been muttering about an Article 50 extension, the EU seems to be girding its loins for Hard Brexit, which is where they do get Vegetius right for once when you think about the staggering amount of legislation that still needs to be passed in the UK in a now truncated timetable.”

“And today we see left-wing The Guardian say Labour will split if it pushes for a second referendum as many of the Shadow Cabinet have their seats in Leave constituencies, while the right-wing Telegraph says there will be mass Tory Cabinet resignations if May doesn’t allow MPs to stop no-deal Brexit. From Vegetius to vegetables.”

“As someone commented on social media last night, there’s no parliamentary majority for May’s deal; there’s no parliamentary majority for No Deal; there’s no parliamentary majority for No Brexit; there’s no parliamentary majority for another referendum; and there’s no parliamentary majority for another government. There’s also no popular majority in the country for an extension to Article 50 or for a second referendum, as people are as thoroughly sick of the whole process as you are of reading about it and I am of writing about it. In short, the UK has a constitutional crisis of the gravest kind as it trundles towards 29 March. And Theresa May-hem has just delayed all real action for a further 11 days.”