In last 48 hours something serious got unravelled in British parliament which caught the eyes of all the economists in the world. The newly throned PM of UK is asking for elections in the country. He asked for fresh elections after the move of no Brexit deal in UK parliament on September 3rd 2019.
Out of 328 lawmakers 301 voted in the house for taking a debate on Johnson’s decision to take UK out of the European Union without the withdrawal of the agreement on 31st October. As per Boris’s counterpart and several other sitting MPs the British economy will face some drastic and adverse effects if Boris will take UK out of the union without a deal in place. Boris presented his thoughts several times that he will make sure that the country is out of the union by 31st October. The Conservative party of the United Kingdom things that if the nations is out of the group of countries then there will be a disaster which will lead to shortage in food, fuel and medicines along with several basic necessities.
We need to understand why Boris wants fresh election in the nation?
It is quoted in the British parliament that Boris is the PM standing at some position on one side of the canyon and shouting to the people on the other side that do what I say or else I will throw myself in the abyss. Theresa May the predecessor thinks that Boris is in the same court where she was before few weeks. May also wanted to take UK out of the union but she failed thrice to get the support and backing from the lawmakers. There are several statements released by the fellow members of the parliament that Boris is also facing some rebellious wave against him in the nation as the citizens don’t want crisis in the country when there is a global economic slowdown. The countrymen thinks if the country will step-out or even justify the use of no-deal Brexit then the export market will crash.
As there are various rumours in the media about the exit or stay of UK in the union. The EU is preparing itself for the worst outcome too. EU is planning that if the bill got passed any extensions to the departure date would also require the approval of the remaining 27EU member states who have said the UK must provide a valid reason for delaying. A spokesperson from the European commission said that they are working on the working assumption that UK will lay its final decision by end of the October.
On 4th September 201 the group will present a proposal to give financial support to the EU business, workers and farmers, the mentioned areas will be affected the most if the no-deal will happen. It is often observed that the political parties face civil wars within themselves and the lawmakers always put what they see in the fate of their nation rather than following the political ideology in common.
As of now there is no mandate on how to leave no-deal Brexit. The 2016 referendum don’t have any specific clause on how should UK leave the union. The leave campaign simply promises that leaving the union will be painless and easy. It should be noted that EU is the one with which UK does nearly half of its trade.