Heard on the Street: U.K. Prime Minister Theresa May’s resignation will change the Brexit process, but probably not the outcome
Prime Minister Theresa May announces her resignation outside 10 Downing Street in London on Friday. Photo: Yui Mok/Zuma Press By Jon Sindreu May 24, 2019 6:43 a.m. ET Sterling took a fresh battering this week as the stuttering Brexit process ground to a halt and U.K. Prime Minister Theresa May resigned.
The pound has fallen 2.5% over the past two weeks to its lowest since the start of 2019. Ms. May’s final attempt to break the Brexit gridlock proved even less successful than her previous ones. After abandoning talks with the opposition Labour Party, she proposed a few changes to her withdrawal bill, including granting the British Parliament the choice to call a second Brexit referendum after passing the agreement.
This week’s European elections, in which staunchly pro-Brexit and anti-Brexit parties are likely to perform well, could turn British politics into an even more fractious affair.Everything that has happened in the U.K. is consistent with the short-termist reality of politics, where nobody grants victory to a political opponent without a hard deadline that would give way to a worse outcome.
For U.K. Prime Minister Theresa May, Brexit was an uphill battle, with roadblocks from U.K. and EU lawmakers forcing her to go back on promises she made along the way. Here’s a look at some key U-turns in May’s Brexit negotiations. Photo: Bloomberg Meanwhile, betting on the pound going one way or another seems unwise. Its moves are mostly noise. Measured against the euro, sterling is basically where it was two years ago.
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