Friday 28 July 2017

In five years' time we will wonder just what all the fuss was about

UK voters have given the EU a kick, but Remain supporters will reassert themselves, so don't bank on Brexit, says Shane Ross

FURORE: If Theresa May is elected prime minister, her government will be negotiating a deal without an ounce of conviction. Photo: Stefan Rousseau/PA Wire
FURORE: If Theresa May is elected prime minister, her government will be negotiating a deal without an ounce of conviction. Photo: Stefan Rousseau/PA Wire

Shane Ross

Last Friday, just a week after Britain's Brexit 'disaster', the UK stock market had enjoyed its best week since 2011. Bond yields hit record lows. Boris Johnson, the big winner, had been fatally wounded. The favourite to succeed David Cameron at Number 10 was not the man entitled to the spoils of war but a loser, Remain supporter and Home Secretary Theresa May. Labour Party leader Jeremy Corbyn was fighting for his political life. His crime: only lukewarm support for the Remain side. An earthquake was taking place. Those who had won were losing. Those who had lost were winning.

Armageddon was not beckoning, after all. The markets were clearly signalling that Britain would soon enjoy a boom. The nation had been prematurely spooked.

Buyers were returning to UK stocks in their droves, expecting an early economic stimulus. Meanwhile, shares in Germany, France and, above all, Ireland were nursing nasty losses.

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