$GBP, $EUR, $GS
Queen Elizabeth, 92 anni, has sent a message to Britain’s factious political class over BREXIT, urging lawmakers to seek common ground and grasp the big picture to resolve the crisis.
With the clock ticking down to 29 March, the date set in law for Britain to leave the EU, the United Kingdom is in the deepest political crisis 50 yrs, as it grapples with how, or even whether, to exit the European bloc it joined in Y 1973.
While the Queen did not mention BREXIT explicitly in an annual speech to her local Women’s Institute in Norfolk, the UK Monarch said every generation faced “fresh challenges and opportunities.”
“As we look for new answers in the modern age, I for one prefer the tried and tested recipes, like speaking well of each other and respecting different points of view; coming together to seek out the common ground; and never losing sight of the bigger picture,” the Queen said.
Though steeped in the conventional language the Queen has made her hallmark, the remarks in the context of Britain’s crisis are a signal to politicians to sort out the turmoil that has pushed the world’s 5th largest economy to the brink.
“She’s been a gold standard monarch for very nearly 67 years now and this is a particularly gilt-edged moment, I think it’s very important what she said and how she said it,” historian Peter Hennessy said.
Buckingham Palace declined to comment though the British media was clear about the significance of her remarks. The Times’ headline read: “End BREXIT feud, Queen tells warring politicians.”
The Queen carefully remains neutral on politics in public and is unable to vote, though ahead of the 2014 referendum on Scottish independence she made a delicately crafted plea for Scots to think carefully about their future.
The future of BREXIT remains unpredictable with options ranging from a disorderly exit that would spook investors across the world to a new referendum that could reverse the process.
PM May has been meeting lawmakers to discuss a range of options on how to address concerns on the backstop, an insurance policy aimed at avoiding a hard border in Ireland should the 2 sides fail to agree any other solution.
“The point we are at at the moment is that work is ongoing, as to what we may eventually bring forward and potentially discuss with Brussels, we are not there yet,” her spokesman said.
Sterling (GBP) scaled a high of $1.3140 for the 1st time since 8 November in Asia, before edging back to trade at $1.3095, as traders bet BREXIT will be delayed. Options markets indicated the GBP could rise to the mid-$1.30s.
But in a sign of the turmoil at the heart of government, Finance Minister Philip Hammond declined to say if he would quit if Britain left the EU without a deal that he predicted would lead to significant short-term disruption and hurt the economy.
France and other European leaders said they were preparing for the worst.
Goldman Sachs (NYSE:GS) will invest less in the United Kingdom if there is a difficult or hard BREXIT, CEO David Solomon said from the WEC in Davos.
“But I would say that, over time, if this is resolved in a difficult way or a hard way, it will have an impact on where we invest and where we put people,” he said.
Have a terrific weekend
Latest posts by Paul Ebeling (see all)
- The 5 Safest Cities in the World - October 13, 2019
- Box Office: ‘Joker’ Laughs with another $55-M in North America - October 13, 2019
- US Q-3 Earnings, Here They Come - October 13, 2019