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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.