It is quite salutory to try to see ourselves as others see us. David Brown, writing in the South China Morning Post (the main English language paper in HK) says it is looking likely that the UK will stay in the European Union, but the economy will not easily recover from the consequences of the extended dithering
"UK investors face some tough choices ahead – either Brexit happens badly, well or not at all. While Britain slumps into deep Brexit gloom, UK equity markets are still surprisingly upbeat. Markets may be sensing Brexit is never going to happen, given the impossible odds stacking up against the UK ever striking an acceptable exit deal with Europe. If so, forget about Brexit, it is Bremain – or Britain remaining in the European Union – which investors need to fear.
Either way, the outlook is grim. With or without Brexit, Britain is still an ailing industrial nation. So any short-term relief about Bremain must be blunted by the reality that Britain is stuck in the grip of longer-term economic decline. The shock Brexit vote two years ago simply accelerated the process. The jolt to confidence has ripped a big hole in investment and spending, and started unravelling many of the lifelines propping up the economy. Britain may never fully recover.UK investors face some tough choices ahead – either Brexit happens badly, well or not at all. While Britain slumps into deep Brexit gloom, UK equity markets are still surprisingly upbeat. Markets may be sensing Brexit is never going to happen, given the impossible odds stacking up against the UK ever striking an acceptable exit deal with Europe. If so, forget about Brexit, it is Bremain – or Britain remaining in the European Union – which investors need to fear.
Either way, the outlook is grim. With or without Brexit, Britain is still an ailing industrial nation. So any short-term relief about Bremain must be blunted by the reality that Britain is stuck in the grip of longer-term economic decline. The shock Brexit vote two years ago simply accelerated the process. The jolt to confidence has ripped a big hole in investment and spending, and started unravelling many of the lifelines propping up the economy. Britain may never fully recover.
Britain has entered a netherworld of indecision and the longer it lasts the greater the chances the default option emerges – that a rational solution is beyond the government’s grasp and staying in the EU is the only plausible alternative. It might not be what more than half the nation wanted two years ago, but the odds are that the country has already tilted back the other way. Britons have become Brexit punch-drunk and recent polls suggest most voters now favour staying in the EU."
www.scmp.com/comment/insight-opinion/article/2148052/whether-its-brexit-or-bremain-uk-long-term-economic-decline