Assessing the latest political developments in the UK in a recently published report, the S&P argued that British Prime Minister There May’s resignation was likely to “pave the way to a harder Brexit stance.”
Key quotes (via Reuters)
- May’s successor to face same challenge as may to find majority support for Brexit deal in the face of a divided party and parliament.
- Do not anticipate an easy end to the deadlock before the end of October.
- EU is unlikely to renegotiate terms of UK’s withdrawal already agreed with PM May.
- Slowing UK economy to make it harder for government to meet its promises announced over past year to increase spending & end austerity while maintaining budgetary targets.