Kenneth Rogoff: Brexit is an example of democratic failure | World Economic Forum

Economic Counsellor Kenneth Rogoff

Economic Counsellor Kenneth Rogoff (Photo credit: Wikipedia)

Brexit requires a complete rethinking on how decisions are made in a country, argues a Harvard economics professor in this hard-hitting WEF article.

Source: Kenneth Rogoff: Brexit is an example of democratic failure | World Economic Forum

For sure, David Cameron made a catastrophic error of judgement. For the moment, Cameron is still in power and his government have rejected calls of a second referendum despite a petition from 4 million voters.

Given the UK absence of formal constitution, there are serious questions over whether a prime minister with the support of cabinet can authorize the triggering of Article 50, initiating formal Brexit talks.

Meanwhile, the Independent reports that a date has been set for the first legal trial to stop article 50 being triggered by Prime Minister.

UK MPs need to protect the sovereignty of parliament otherwise they are ready for the scrap-heap. Of course, some MPs will find that they need to stand up to popular power in their constituencies.

So perhaps the great British legal system will prove Rogoff wrong?

Thoughts?

Why it’s advantage EU ahead of Brexit negotiations | World Economic Forum

English: Official logo of the World Economic F...

English: Official logo of the World Economic Forum. (Photo credit: Wikipedia)

Tough negotiations lie ahead between the EU and UK, but Europe is best placed, argues Jacob Funk Kirkegaard in this excellent article published originally by leading think-tank, the Peterson Institute for Economic Affairs.

Source: Why it’s advantage EU ahead of Brexit negotiations | World Economic Forum

The conclusion should worry the British people, namely:

Europe is headed for a tough negotiation in which Britain has few good cards to play

So given the uncertainty and risks ahead, the UK needs a safe pair of hands in its next prime minister to unite party, country and deal effectively with European allies – this must be Theresa May. By comparison, Leadsom is lightweight, divisive, with zero cabinet office experience.

Expect financial markets to react favorably to May as UK PM but a Leadsom win will certainly trigger a new free fall.

Thoughts?