It is time to find an enduring solution to BREXIT
When the UK House of Commons voted to put off the BREXIT vote on Saturday, it was the umpteenth time that the deal has been left in the limbo. After more than 3 years of beating round the bush, it is time for UK to take decisive action. After all, BREXIT was the will of the people and that has to be respected.
A vote for confusion
During the special session on Saturday, the House voted 320-306 in favor of postponing the decision. The BREXIT vote was cast in 2016 and there has been little progress after that. Despite 3 years of debate, the politicians have been unable to agree upon the date of the BREXIT. Now it looks like even the October 31 deadline will not be adhered to. As Boris Johnson had rightly said, they had to agree upon a date and go ahead; with or without a BREXIT deal.
Labor does not work
Back in the 1970s, Margaret Thatcher had romped to power with a simple slogan, “Labor does not work”. That seems to be proving itself all over again. The Labor leader Jeremy Corbyn has to be blamed for this consistent deadlock as the Labor party has been delaying the BREXIT process without any real alternative solution offered. Going back to the people, as Labor wants, is hardly feasible as the general mandate is unlikely to change. It is essential to get done with BREXIT by October 31.
Remember the British Pound
For the BREXIT skeptics, who worry about the consequences, such worries may be overstated. Similar concerns were also raised when the UK left the common currency in 1992. Over the years, the GBP has only emerged a lot stronger with a clearly independent monetary policy. The risks to the UK; as per skeptics is more on the trade front. That could have been easily handled with independent trade deals. Also, BREXIT has a cooling period, which can always be renegotiated. Just sitting on the decision is not doing the economy or the currency any good.
What are the options?
If one were to look at the latest pre-poll ratings, public sentiments are clearly with Boris Johnson and the Conservative Party. UK should ideally stick to the October 31 deadline and get done with BREXIT. There is an in-built 1-year cooling period, which can be extended by mutual agreement. It is very likely that if the UK offers EU unfettered access to its financial markets, then the EU would also be keen to offer trade preferences to UK. People realize that the bargaining chips are in the hands of the UK and with the current EU slowdown, they can ill-afford any real misadventure. UK should just stick to the existing deal and go ahead with BREXIT. That will allow UK and the EU to get on with their new roles!