Doom and gloom?
Brexit fallout – according to The Guardian , which, under the headline Brexit Fallout – what it means for you and your finances, claims the post-referendum fall in sterling is already affecting people’s finances, with computers getting dearer and the euro not stretching to as many cervezas.
But this is not the full picture. As I mentioned in yesterday’s debrief yesterday Ambrose Evans Pritchard had an excellent comment column in which he points out that on a trade-weighted basis the Pound is just about where it was in March 2013 when, as he says, most people were not aware of the exchange rate.
Nato leaders look for reassurance after Brexit
The Guardian again – this time reporting that Nato leaders will fly into Warsaw for a two-day summit with the hope of steadying nerves following the UK’s vote to leave the EU and restoring western cohesion in the face of the challenge from Russia and terrorism.
Poland’s president, Andrzej Duda, and the Nato secretary general, Jens Stoltenberg, insisted that Brexit would not affect the strength of the alliance.
“The EU and Nato are quite separate organisations,” Duda told journalists. “The UK is one of the strongest members of Nato, and I have no doubt that its participation and cooperation in the alliance will continue at least at the same level.”
Stepping out of the EU
An informative piece in today’s Daily Express which outlines what happens next on the Brexit road.
It sets out a timeline to step out of the EU with one of the most interesting points again being when to trigger Article 50. It says The next Prime Minister will set out their plans over when to invoke Article 50, which will start the timer on two years of exit talks.
Andrea Leadsom wants to trigger Article 50 as soon as possible, but the other candidates want to play for time and wait until 2017. We certainly shouldn’t wait too long! I refer you back to Nigel Farage’s speech to the European Parliament last week.
They would say that, wouldn’t they?
Another Guardian piece – a coalition of MPs and others have launched a campaign to hold pro-Brexit politicians to account for promises made during the referendum campaign.
Vote Leave Watch, an unofficial spin-off from the remain campaign, is being led by Labour’s Chuka Umunna, who said the aim was to highlight the actions of pro-leave politicians who might seek to “wriggle out of the promises that they made to the electorate”.
Norman Lamb, the Liberal Democrat MP, Richard Reed, a co-founder of Innocent Drinks, and the TV presenter June Sarpong, all of whom were involved in the Britain Stronger in Europe campaign, are supporting the movement. Well, they wouldn’t they?
Umunna said it was not just on behalf of the 48 per cent of people who voted to remain in the EU. “They [Brexiters] made very clear, often overblown claims to the electorate,” Umunna said. “In a democracy it’s very important that they’re held to account for that. I think that would be a big concern to the 52 per cent as well. They will want to know whether the things they were promised will be delivered.”
Talking of overblown claims – Project Fear anyone?