UK GENERAL ELECTION 2019: THE BREXIT EFFECT.
To keep a democratic country up and running, an election is very salient. The United Kingdom will decide on December 12, 2019, yet the country has not been able to annul her matrimony with the European Union. Political analyst all over the world believe the UK voting is mostly about Brexit.
Since the plebiscite in 2016, Britain’s pullout from the European Union has been hanging on the balance. The Brexit date has been held up until 31 January 2020, but will an entente be passed by then? Unable to come to terms on an exit date, the withdrawal of the United Kingdom from the European Union apart from being a story for the global markets, has created divisions in the United Kingdom’s government and has been the country’s far-reaching amity resolution in ages, already claiming one Prime Minister, Theresa May, her job.
The United Kingdom is a unitary state with decentralization that is hegemonized with the structure of a legislative democracy under a constitutional monarchy. The UK political system is a multi-party system. Since the 1920s, the two ascendant parties have been the Conservative Party and the Labour Party.
Whosoever becomes victorious at the polls will eventually decide if the United Kingdom pulls out of the European Union early next year. Former London Mayor, Boris Johnson after been elected a new Conservative leader in a ballot of party members went on to become UK’s Prime Minister having three major priorities in mind, which are to deliver Brexit, unite the country and to defeat Jeremy Corbyn.
Jeremy Corbyn, Labour leader, on the other hand, has been the Member of Parliament (MP) for Islington North since 1983. Intellectually, he identifies as a democratic socialist. Corbyn’s radical manifesto intends to transform Britain, exacting that a Labour government would get Brexit resolved in less than six months, without tearing apart Britain’s key trading alliances with Europe. Corbyn also aims to increase public expenditure by 83 billion pounds by 2013/24, covered by higher taxes on top earners and businesses.
The election could go one of three ways. A Tory majority, Labour majority or a hung parliament. Polls suggest a slim majority for Conservatives. Labour is hoping for a late swing in its favor, as it happened in the 2017 general election, while the Tories are warning about the possibility of a hung parliament.
British voters face a strenuous option because the characters of Corbyn and Johnson have dominated their campaigns thus far. As Johnson’s trustworthiness to deliver Brexit hangs on the balance, Corbyn’s credibility and ideology is also questionable. History books will likely recall this as the Brexit election, as Thursday, 12th of December 2019 heralds another scramble for power, the third time in four years.
Prime Minister Boris Johnson and his Conservative Party have promised that if they recover their majority in Parliament, they will “get Brexit done” by swiftly passing the Prime Minister’s Brexit deal and advancing to arrange a free-trade consensus with the European Union latest by of 2020.
Labour, the opposition party led by Jeremy Corbyn, has as an alternative offering to re-work out the Brexit deal, and then put it back to the British people for a deciding vote on whether they want to leave the EU on those terms, or just continue to exist in the European Union after all.
The Great Britain Pound is a very volatile currency and the impact of a successful Brexit on the British Pound is quite explodable. The worth of Great Britain Pound is either going to appreciate or depreciate depending on the new exchange rate regime adopted. Since Great Britain hypothetically is now a new continent, Britain would now have to take steps to either attract investors or at a fundamental level improve the export/import base. And cut deals across borders to improve the Pound value.
Counting ourselves into the election tomorrow, fingers crossed, we presume after polling stations close 10 pm London time, the votes will be summed up in two phases. This process normally ends around 2 am London time, with the victor to be made public soon after, in the early hours of the morning.
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-WINSALA Gbotemi.
-Financial Staff Writer, Eagle Global Markets.
