Monday, 27 June 2016

It Begins

Will the EU now fall apart?

After the UK Brexit vote handing out a 52/48 Leave result, what do the other 27 countries think?
The first one to watch surprisingly is France. President Fran├žois Hollande seemed very worried when he made his statement and hardly surprising as he has to face elections next year and Marie-Le-Pen came straight out and welcomed the Brexit result.

However, the German Chancellor Angela Merkel offered Britain an olive branch in the form of an offer of time to exit gracefully. Talking of Chancellors, has anyone seen ours, George Osborne seems to have gone to his room with a big bag of snacks and closed the door.

The markets did flip out spectacularly on Friday, Sterling had it’s biggest fall for decades, apparently and even Government gilts came under pressure although self correction and a statement form Mark Carney the Governor of the Bank of England did make a strong, positive statement that probably helped.

Back home here this weekend has seen one of the most turbulent political times ever in the history of Britain as not only is the Government split and fighting, the opposition seems to have joined in with a mass resignation of the shadow cabinet and all the figures pointing at the leader Jeremy Corbyn. The political press are having a field day.

Then when we have enough news to fill a week, never mind a day, The UK's European Commissioner Lord Hill is to stand down, saying "what is done cannot be undone" after the UK voted to leave the European Union. He will be replaced by Latvian politician Valdis Dombrovskis, currently European Commissioner for the euro.

I promise I am not making this up.

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