This is a historic, outstanding, must-read, lead article from the NYT. The NYT reports on the internal criticism of the Labour Party leader, Jeremy Corbyn, which led to his firing the shadow foreign secretary, and at least 11 other members of the party’s cabinet resigned. The article then explores in detail the current crisis and the possible ways forward. Time and time again the NYT questions whether Brexit will actually happen.
For many who voted Remain, there will still be hope that disaster can be averted. But just as there will be hope for some, there will be anger for those who voted Brexit. If financial markets get a whiff that Brexit will not happen, expect massive gains.
Throughout the campaign, leaders of the Brexit side refused to answer detailed questions on planning and risk management – now they pass the issue to the incumbent government. All attention today will be on George Osborne in parliament and whether the UK has any contingency resources – he could signal Bank of England emergency action.