That’s the last comment someone says just before a dual in the hit Broadway show, “Hamilton.” A fateful action is about to take place, and key players will be hurt. The same can be said about Brexit. Over two years ago a majority of British voters chose to leave the European Union, and a few months later the UK government invoked Article 50 of the EU Treaty. At midnight on March 29, 2019 – just over six months from now – Britain will officially leave the EU.
Now UK and EU negotiators are hammering out the terms. Each side has its non-negotiables. Britain wants to avoid a hard border in Ireland, but also can’t have any kind of division between Northern Ireland and the rest of the UK. EU negotiators also want to have a solid, operational, and legally binding arrangement for the Irish border, but they
need to maintain the integrity of their own single market for goods, services, capital and labor. It’s like Brexit is a divorce agreement, and Ireland is custody for the kids. The arguments are messy, awkward, and technically challenging. And there’s no going back. The clock is ticking.
Photo: Juergen Goetzke. Source: Wiki
Dueling was outlawed in most of the Western world in the 19th century because it was a foolish waste of resources. It’s too bad the same can’t be said about Brexit.
Douglas R. Tengdin, CFA
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