Morning Briefing – 16 November 2018 – Brexit Special (English version)

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(source: Schatzi)

Good morning,

If not today, when would there be a better time for a Brexit special? Especially since while typing these lines I’m sitting in a London hotel  and watching construction workers finish the next skyscraper….

Yesterday morning German media was dominated by headlines such as „Hard landing for the Bexit Hardliners“ (Handelsblatt) – as if the negotiation of a DRAFT (!) of a TRANSITIONAL AGREEMENT (!) agreed on the night before (cf. for more details here) a hard Brexit is off the table and everything is chic again. Already the first discussions with participants of the restructuring conference, which I attended yesterday, showed a completely different picture. The British were totally dismayed and immediately saw the danger that the British government will break up. The cynical running gag of the speakers over the day was to announce the current status of the minister resignations (currently probably six (here), but this morning on the radio I heard about seven).  The media in Great Britain know only one topic and turn into negativisms („Britain cannot accept this horrific, humiliating surrender to the EU„, The Telegraph, „Theresa May’s terrible Brexit deal has united the UK in horror„, FT). My conversation partners were not quite so negative and consistently pay respect to Theresa May for her achievements – but they don’t see a way out of the dilemma either. Yesterday night I was able to follow discussions on British television (they have a higher level than our German ones!) – and it seems that the „average Brit“ is shocked.

All in all I have the feeling that history is being written here – and none with a good outcome. Because everyone agrees on the rejection – but not on how to proceed. Maybe Mrs. May will be dismissed and someone (nobody wants to become Prime Minister!) will hold a new referendum. Small problem: GB has already given notice to the EU! So a decision to stay would effectively be a negotiation about a new entry.

Brexit: http://www.cityam.com/269196/theresa-may-has-sacrificed-herself-altar-brexit

One example of the many negative opinions…

Brexit: https://www.theguardian.com/commentisfree/2018/nov/15/brexit-theresa-may-deal-withdrawal-agreement-nicky-morgan

Wow, there are also pro-deal voices!

Interserve: https://wolfstreet.com/2018/11/13/interserve-uk-next-carillion-about-to-fall/

When it rains, it pours…..

History1914 – The Federal Reserve Bank of the United States officially opens  (Taken from: https://en.wikipedia.org/wiki/November_16)

I wish you a nice day and already a nice weekend!

Best regards,

-tz

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