Theresa May may have been a little confused when she received a round of applause from the remaining twenty-seven members of the EU in Brussels last evening. It appeared to me akin to the polite applause that is given on a reality TV show when the gallant loser is sent home.
It is hard to see that Mrs May has much to be proud about when it comes to Brexit. She looks likely to survive an annus horribilis of her own making.
In the same way as Scrooge in Dickens “A Christmas Carol”, she has been visited by the “Ghost of Brexit Past” who showed her the error of her ways in calling an election then making a complete hash of the campaign and having to be bailed out by the DUP.
The “Ghost of Brexit Present” will show her that she is going to be defeated again in Parliament over the inclusion of the Brexit date in the Bill and remind her that she is lucky these aren’t more serious issues.
But, it is the “Ghost of Brexit Future” that will bring her most concern and, hopefully, lead her to change her ways (and some members of her Cabinet). The EU won’t commence stage two talks until it has clear proposals from Mrs May about what the U.K. expects from the trade deal. She will need to make sure of not falling into the same trap as with the first round of talks.
The U.K. negotiating team will need to be positive, firm and prepared to make good on its promises and threats if they are to provide the country with the basis it needs to survive Brexit and go on to prosper.
Alan is an award-winning market commentator, providing bespoke content delivery for all aspects of the FX Industry. He has been working in the financial services industry for over 30 years and has a wealth of experience across banks in Europe, North America and the Middle East. A former trader, Alan holds a bachelor of business administration in Politics and Economics from the Mark Hall School.