EU warns of Brexit hit, urges clarification over future

Home Secretary Theresa May, who will become British prime minister on Wednesday, said she wanted the “best deal” possible on leaving the European Union in her first comments since her leadership victory was confirmed on Monday.

Other European politicians focused their attention on May, his successor as Conservative leader, who backed Cameron’s campaign to remain in the EU but then saw off pro-Brexit rivals once he had resigned after losing the referendum on June 23. Britain’s planned withdrawal has weakened the 28-nation bloc, created huge uncertainty over trade and investment, and shaken financial markets. The contest was initially expected to last until early September. However, she has pledged not to trigger Article 50 immediately upon taking the job.

“We have an incredibly tough, shrewd, determined and principled person to lead those negotiations for Britain”, Hunt told Sky News television.

But, Davis said the country should take its time before triggering the formal Article 50 process to leave the bloc – an approach at odds with other European states, who have urged Britain to do quickly to clear up uncertainty. “We’ll do it right, we’ll do it in a proper way, we’ll do it when we’re ready”. Most importantly, they want to know whether Britain will have the same sort of access to the EU’s single market.

Its post-referendum message to the United Kingdom had been “No negotiation without notification (of the UK’s formal intention to leave the EU)” but it realises it can not do much to stop informal consultations.

His meeting on Tuesday with former US Federal Reserve chair Ben Bernanke, a proponent of “helicopter money” policies – printing money and directly handing it to the private sector to stimulate the economy – fuelled speculation Abe’s stimulus could be funded by the Bank of Japan’s easing.

May also ruled out the possibility of an early general election, arguing that she was part of the Conservatives’ leading team that won a mandate a year ago. One veteran of Thatcher’s cabinet described her last week as a “bloody hard woman”, a comment that may have helped her by implying comparison with the “Iron Lady”.

“I am honored and humbled to have been chosen by the Conservative Party to become its leader”, said May, who favored remaining in the European Union but has made clear there is no going back on the result of the June 23 referendum. She has already been likened to Germany’s Merkel for her cautious, low-key style. “Brexit is a structural change for Europe”.

There is little doubt that the Brexit will diminish Britain’s influence in the world, but it does not necessarily mean that it will diminish the importance of the European Union or the global South.

Though there is visible signs of protest by the 48 percent of the voters who wanted to Remain in the European Union, it is unlikely that a re-referendum would take place.

A high level source said to me on Monday evening: “We will react to Theresa May when she actually does something”.

The shocks of the referendum result, Mr Cameron’s resignation, a series of other surprise moves in the Conservative Party and the crisis in Labour, have plunged Britain into its deepest political crisis in modern times.

She promised to prioritise more house-building, a crackdown on tax evasion by individuals and companies, lower energy costs and a narrowing of the “unhealthy” gap between the pay of corporate bosses and their employees. “Second, we are going to unite our country and, third, we need a strong, new positive vision for the future of our country, a vision of a country that works not for the privileged few, but that works for every one of us”.