Analysts at BBH suggest that investors await new proposals by UK Prime Minister May, after the worst suspicions were confirmed by top government officials.
Key Quotes
“Chancellor of the Exchequer Hammond acknowledged that there has not been a formal discussion by the cabinet of what kind of post-Brexit trade relationship the UK wants. And not to be outdone, Brexit Secretary Davis revealed that there have not been quantitative studies of the impact of Brexit (only qualitative, whatever that really means), and no industry-level study.”
“Nine months after triggering Article 50, the UK still seems to be without a rudder. It has made some belated progress on its financial commitment, but has made little headway apparently on the rights of EU citizens post-Brexit and the Irish border. And if the first stage of negotiations has been difficult, to say the least, the second stage is unlikely to be much better. UK officials appear not to have given it the level of thought and analysis that even the most adamant Leaver would have rightfully expected. The EU seems to want to offer the UK a trade agreement like the one struck recently with Canada. The UK, of course, will want more, even if it does not know it yet.”
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