The FT reports that Britain’s vote to leave the EU sets in train the world’s most complex divorce. It argues that there are rough guidelines on how to proceed, but the negotiation will be largely improvised. Estimates of how long it will take range from two years to a decade or more.
Being a Remain campaigner, I am deeply saddened this morning. However, I am reminded of the old saying, ‘The king is dead – long live the king!.
This morning leaders of the Brexit campaign are calling for calm and reflection. Meanwhile, the financial markets are down sharply.
Soon the Prime Minister and the Governor of the BoE will speak publicly.
The big decision is when to invoke the two year exit process. Many Brexit supporters are suggesting waiting until after the French and German national elections. Another critical issue is who will lead the negotiations.
The longer the renegotiation process the greater the probable economic damage for the UK.
The greater the acrimony between the UK and the EU, the bigger the financial windfall for the advising lawyers and consultants.