How to be wrong about Brexit. Weeks ago I had assumed that government and parliament could not push it so far that Great Britain would still take part in the election to the EU parliament (in 11 days). What would that look like? In 2016, the majority of Britons said they wanted out of the EU. And now three years later (!) they are to take part in the election to the EU Parliament?
The political apparatus in London doesn’t want to give itself this nakedness, does it? Yes, it does. The government has now admitted that British participation in the EU elections can no longer be prevented. Well, you can be so wrong. The British are really so crazy. This is mainly due to the fact that the British Parliament has been resting for weeks on the EU’s extension of the Brexit deadline. Because there is still time until October? Nothing is going ahead.
Theresa May wants to put her Brexit deal which has already been rejected three times (!) by the MoP`s to be voted a fourth time now in the week of 3-7 June according to government spokesman. We will stay curious! She is currently trying to get the opposition around Jeremy Corbyn on board. If she succeeds she will lose numerous members of parliament from her own party. So the chaos around the Brexit continues.
Apparently May is trying to get the Brexit in place by July when the newly elected EU Parliament will meet for the first time. So participation in elections but then quickly out of the EU before the elected British parliamentarians have to appear in Brussels? What a strategy. The currency market currently seems to notice that this is no longer funny Brexit fun. May must probably hope that she can win more Labour votes for her June vote than she loses in her own party at the same time. Is that just enough for a narrow majority for her deal?
The pound has been falling for the last few days. Slowly but the trend is downward. On May 2nd the last interim high for the pound vs. the US dollar was 1.3170. Today we arrived at 1.2904. The chart (since September 2018) shows that we have a very interesting chart mark at the 1.29 level. Next support levels could be the 1.28 and 1.25 levels.
The House of Commons in London will soon be voting for the fourth time on May´s Brexit deal. Photo: UK Parliament CC BY 3.0