Nobody wants to push the Brexit Button – Will Bregret

Nobody wants to push the Brexit Button – Will Bregret

Article 50 of the European Treaty  triggers fear among  British policymakers. It seems that nobody wants to touch it with a barge pole. Will the Bregret turn into a Bremain instead of Brexit?

David Cameron quickly quit on Friday after the official Brexit  and also refrained  from  committing to  pulling the trigger on the Brexit. He said it will up to the next government to do so. Boris Johnson, the lead Leave candidate,  did not seem joyful in his public appearance. His face seemed gloomy like Cameron’s and not  happy like Farage’s.

So, the Tory party is in no rush to do so and neither are Labour. They are torn in their own  civil war with an upcoming vote of confidence on Corbyn’s leadership. The smaller LibDems are united against Brexit.

Does parliament  pull the Brexit trigger?

Another layer of complication comes from legal opinion on who should actually trigger this exit move. According to Nick Barber, Tom Hickman and Jeff King,  parliament has the power to  make the move, not the government. And in the parliament, the pro-Remain camp has an  overwhelming majority: most Labour members, all LibDems and most Tories  are against Brexit.

So, in case it reaches parliament, will MPs vote according to the will of the people and according to the referendum for something they are clearly against?

Or will they vote according to their conscience, “doing the right thing for the country” but betraying voters and undermining democracy?

If it reaches parliament, uncertainty will further rise.

New elections

In a debate in the same parliament, Cameron did not rule out fresh elections. Like with Article 50, he leaves it to the new government to decide. The new leader, probably Boris Johnson might understand he does not have enough support for a stable rule and go to the polls.

What happens if the new government is formed out of parties supporting remaining in the EU? Will the result of new elections mean  substitute the vote in the EU Referendum?

EU elevating the pressure

And the EU is not helping either: Germany made it clear there will be no informal negotiations prior to  invoking Article 50. France urges Britain to end uncertainty. And now there are reports that the EU “would welcome Scotland as the 28th member”. Currently there are 28 members, so Scotland would  basically replace the UK according to their count. But will Catalonia be the 29th?

The EU is  not one unit but there is a tendency to try to contain the crisis: not to allow other countries to follow Britain’s path and leave. The praises for Brexit from far-right parties in France, the Netherland and elsewhere  are  causing a headahce in  Brussels.

Breamin = Big pound bounce

There are many open questions. Markets are currently pricing in a Brexit, with the pound plunging to new lows, assuming the deal is done.

However, if there are more voices suggesting that Bremain is still possible despite the clear result, we may see a huge bounce in the pound.

What do you think?

More:  Brexit – All the updates in one place

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.