by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Boris Johnson promised the day after his ascension to prime minister that he could negotiate a better deal for Britain’s departure from the European Union than his predecessor.
But the ardent Brexit advocate also reminded the country’s 66 million citizens that they must prepare for the possibility of leaving without one, a possibility made more likely by the trading bloc’s insistence that the agreement that ultimately cost Theresa May her job is the best it’s prepared to offer. …
… “To all those who continue to prophesy disaster, I say, ‘Yes, there will be difficulties,'” Johnson said in a speech at No. 10 Downing St., the prime minister’s residence, on Wednesday. “I believe that with energy and application, they will be far less serious than some have claimed. But if there is one thing that has really sapped the confidence of business over the last three years, it is not the decisions we have taken, it is our refusal to take decisions.”
In the U.S., Fed Chairman Jerome Powell has cited the risk of a disorderly breakup between Britain and the European Union in congressional testimony earlier this month as one of the looming challenges for American growth, already weakened by slowing global expansion and fallout from President Trump’s trade disputes with China. The U.S. central bank has indicated that its next change to interest rates, which have been raised nine times in the past three years, to a range of 2.25% to 2.5%, is likely to be a reduction.