This column is being written the day after Theresa May delayed the Brexit vote (that was December 10th), the same day the US stock markets experienced a roller-coaster ride where indices plunged to test recent lows of the year only to bounce back up and close in the positive. Given it was a rather crazy day, let’s inspect it for clues about what to expect in the months ahead.
British Prime Minister Theresa May, much to the chagrin of her colleagues, delayed a parliamentary vote on her proposal of how Britain should exit the European Union. May was concerned she’d not get the necessary votes, wounding her political party and further knocking back any progress thus made on the divorce between the United Kingdom and the European Union. I won’t bore you, or me, with UK politics, but I will remind you that if a plan cannot be approved, then Brexit still happens on March 29, 2019. It will happen with all the expected economic ugliness of doing so without a plan. In response to that concern, British companies have spent millions preparing for disruptions such as supply shortages, new tariffs, and delays at the borders.