Time? The latest Twist in the Brexit tale saw control being given to the members of parliament who embarked upon a series of eight indicative votes on what form Brexit should take. It came as no surprise that all were rejected. There is no apparent appetite for a ‘no-deal’ Brexit, but the lack of an actual deal means we cannot rule out the possibility entirely. Which leaves us with the Dickensian prospect of the UK tactically asking for more time and hopefully securing an extension beyond 12th April.
This involves a second day of indicative votes, which are being held today, to find an alternative Brexit plan. If we have a situation where a new plan achieves consensus, it then must go to the Government for Theresa May to accept the plan. An approval granted here, and a possible extension seems likely. However, if an agreement cannot be reached, the future becomes very uncertain and a further delay could involve the UK taking part in the EU Parliamentary elections in May.
On a slightly lighter note, Nathalie Loiseau, the French minister for Europe, gained notoriety last week by displaying an unusual sense of humour for both a politician and for someone who is French. It caught the world’s media off guard and before you could blink it became that new phenomenon fake news.
Apparently, Ms Loiseau has a cat who she has topically named Brexit. Why? Because said cat will continuously meow to be let out, but when the door is opened for it to leave, the cat just sits there, refusing to go. Of course, Ms Loiseau does not have a cat. It was a clever metaphor at the expense of the British.
Perhaps rather than a door, Brexit the cat would prefer a flap, something where it can come and go as it pleases. But our biggest concern is the lack of interest the stock market is showing to the possibility of a no-deal being accidentally affected. At some stage our politicians will have to agree on something or risk running into the very thing they are trying to avoid.
Content provided by Beaufort Investment Management