Advertisement
Features

May’s last stand

The prime minister’s “new deal” smelt fishily familiar. MPs are likely to pass on it. Emily Hohler reports.

948-May-634
The PM is on her way out

Copyright (c) 2019 Shutterstock. No use without permission.

Theresa May "made her final big gamble" as prime minister on Tuesday, offering Labour a "new deal" that included the possibility of a second EU referendum, say Laura Hughes, George Parker and Sebastian Payne in the Financial Times.

However, her ten-point plan, aimed at cross-party consensus, was "declared dead on arrival" by angry Conservative eurosceptics, and Labour leader Jeremy Corbyn called it a "repackaging of the same old bad deal". MPs are due to vote on May's new offer in the first week of June, but the vote has not been confirmed and some Tory MPs are calling for May to stand down "rather than risk another humiliation in the House of Commons".

Going down like a lead balloon

No wonder it went down like a lead balloon, says Harry Yorke in The Daily Telegraph 26 Conservative MPs who backed the deal in March, including Boris Johnson, Dominic Raab, David Davis, Iain Duncan Smith and Jacob Rees-Mogg, said they would "switch back to opposing it", while sources close to the 20-strong group of Labour MPs in Leave-voting seats have "indicated that only a handful will switch sides". The DUP and Labour confirmed they will reject it.

Advertisement - Article continues below

"By adding the opportunity for a second referendum [and] a customs union, and by threatening that she will stop her successor from reversing anything by implementing binding legislation, this was perhaps the greatest hijacking of the referendum yet seen," says Iain Duncan Smith in The Daily Telegraph, who can think of "no more effective way" of encouraging voters to desert the Conservatives and vote for the Brexit Party in the European elections.

Advertisement
Advertisement - Article continues below

The Brexit confusion means that these elections, which historically have low turnouts, "stand to be consequential", says Yasmeen Serhan in The Atlantic. They will provide a "snapshot of where the public stands on Brexit" three years on from the referendum, and perhaps most importantly, "signal which voters are most mobilised to turn out in future elections".

Whatever happens, we can be "pretty sure" that Theresa May is on her way out, says James Blitz in the Financial Times. Assuming she departs without a deal, this along with what looks to be a "thumping victory" by the Brexit Party in the European elections will define the nature of the Tory leadership contest. May's failure will suit those like Johnson who want to "ram home a harder, cleaner Brexit", splitting the party and the country. The idea that a clean, no-deal Brexit would "work out just fine because of the provisions of the World Trade Organisation (WTO) treaty" simply isn't true, say Anand Menon and Catherine Barnard in The Guardian.

Advertisement - Article continues below

If Britain leaves without a deal, many of the laws that govern our interaction with the EU will simply "cease to apply". This will "mean significant problems", particularly relating to travel and trade, including potentially "crippling" tariffs and border delays. "No other major trading nation trades purely on WTO terms." To take just one example, 750 UK-based TV channels will have to stop broadcasting in Europe or move there. The "no-deal slogan is appealing in its simplicity", but its supporters should be honest about the consequences.

948-France-634
Europe is now a "cacophonous" political landscape

Populists gain ground in Europe

While it is true that Brussels is "prone to regulatory excess and plagued by a lack of popular legitimacy", its flaws "pale in comparison to the dangers posed by its critics". Left unchecked, the contagion of populism will "corrode Europe's identityas a democratic union"and "weaken Europe'sinfluence abroad".

As it stands, these elections are set to create the most "fragmented and fractious European parliament" in history, say Patrick Scottand Ashley Kirk in The Daily Telegraph. The two largest groups, the centre-right European People's Party and centre-left Socialists & Democrats, are expected to "shed support", while eurosceptic parties, notes Romesh Ratnesar on Bloomberg, are "on track to win more than one third of the seats", forming a unified voting bloc with real clout.

At both national andpan-European levels, leadersneed to understand whatis fuelling populism a "cacophonous" landscapethat is ideologically and demographically diverse and come up with "concrete solutions", says Bloomberg. Above all, this means expanding economic opportunity for the poor, reforming Europe's immigration system and making EU institutions more accountable. This won't be easy and it won't happen overnight, "but for the sake of Europe's future, it needs to start now".

Advertisement
Advertisement

Recommended

Visit/519858/how-long-can-the-good-times-roll
Economy

How long can the good times roll?

Despite all the doom and gloom that has dominated our headlines for most of 2019, Britain and most of the rest of the developing world is currently en…
19 Dec 2019
Visit/516758/beyond-the-brexit-talk-the-british-economy-isnt-doing-too-badly
Economy

Beyond the Brexit talk, the British economy isn’t doing too badly

The political Brexit pantomime aside, Britain is in pretty good shape. With near-record employment, strong wage growth and modest inflation, there is …
17 Oct 2019
Visit/economy/uk-economy/601344/what-are-negative-interest-rates-and-could-they-happen-here
UK Economy

What are negative interest rates and could they happen here?

Negative interest rates – where banks pay you to borrow money – now exist in many parts of the world. John Stepek explains why they are a terrible ide…
18 May 2020
Visit/economy/uk-economy/601329/we-should-not-be-blind-to-the-failings-of-experts
UK Economy

We should not be blind to the failings of experts

Let’s by all means be guided by “the science”, but the boffins must not run the country, says Matthew Lynn. We must treat epidemiologists as we treat …
17 May 2020

Most Popular

Visit/investments/investment-strategy/601387/how-john-maynard-keynes-learned-the-folly-of-market-timing
Investment strategy

How John Maynard Keynes learned the folly of market timing

In an extract from his book The Sceptical Investor, John Stepek explains how the great economist John Maynard Keynes came a cropper when he first star…
25 May 2020
Visit/investments/stockmarkets/emerging-markets/601362/a-new-lease-of-life-for-the-brics
Emerging markets

A new lease of life for the Brics

Emerging markets are having a surprisingly good crisis. Their long-predicted rise will now continue.
24 May 2020
Visit/investments/investment-strategy/601379/battling-volatility-the-benefits-of-an-active-manager
Sponsored

Battling volatility: The benefits of an active manager

SPONSORED CONTENT – Alastair Wilson, managing director of Close Brothers, on the advantages of active investing in times of crisis.
21 May 2020