Britain’s future in the European Union looks a little more shaky after a political earthquake weakened the ranks of its defenders.
The main opposition Labour Party on Saturday elected a left-wing leader who is ambiguous about whether Britain should remain part of the world’s biggest single market.
That means the government, and its main rival, are both now deeply divided over the question, and therefore less able to mount an effective campaign in favor of continued membership. A national vote will be held by 2017.
Top business leaders have already warned of the potential damage that would be caused by Britain walking away from Europe — the so-called “Brexit.”
Unlike predecessors such as former Prime Minister Tony Blair, new Labour leader Jeremy Corbyn has long been an opponent of the EU.
via CNN
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.