Research Team at BBH suggests that when May became UK Prime Minister there was a small window of opportunity to change the trajectory and she could have said she was not bound by Cameron's pledge to adhere to the results of the referendum.
Key Quotes
‘May's government has not been bound by other policies of the previous Tory government. She could have said that the referendum was non-binding and why pretend otherwise. It won with the slightest of majorities, which was not to make such an important decision as changing a treaty. With Labour having inflicted on itself serious injury, she could have won an election if she lost a vote of confidence. Instead, she went with the "Brexit is Brexit" slogan that may still prove tantamount to cutting one's nose to spite one's face.”
“A week ago, May confirmed that she was willing to sacrifice access to the single market in exchange for greater control over immigration and not being subject to the European Court of Justice. Sterling fell in response through the $1.22 area that had served as a base since October and fell to two-month lows against the euro. She is expected to outline more of her approach in a speech on January 17. A new wrinkle has emerged, and it may blunt or neutralize the negativity of the hard exit that May appears to be leading the UK. The Northern Ireland government collapsed at the start of last week. If the UK Supreme Court grants, it is expected to do shortly, a role for the parliament that sits in Westminster, the Parliament in Northern Ireland has joined the suit. Without a sitting parliament in Northern Ireland, May's intention on triggering Article 50 at the end of Q1 would likely be frustrated.”
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