“Time will be short, ” states the EU chief negotiator of Brexit Michel Barnier on Tuesday urging the UK needs to decide faster. In October, Michel Barnier was selected to the position of chief Brexit negotiator by the European Commission President Jean- Clause Juncker who states he “wanted an experienced politician for this difficult job”. At the moment UK courts are deciding who is entitled to make the final decision on Brexit. Although the final decision has not been taken yet, the referendum has led to disturbances.
The Home Office reports that hate crime has been on the rise. Reports by the police in England and Wales state racist or religious abuse has increased 41% in the month post the UK voted to leave the EU. This July the recorded crimes have increased to 5,468 which is 1,582 more than last year. The strong increase declined in August but has “remained at a higher level than prior to the EU referendum”.
In addition, the referendum has caused a dramatic fall in the pound currency. It dropped to a three-year low against the euro resulting Theresa May’s notice that the UK would start formal Brexit negotiation by the end of March. On the 24 November the pound was worth $1.25, up slightly since Donald Trump’s election victory. However, it has lost against the euro. It was worth around about €1.18 although a year earlier it was worth €1.42. The currency’s recent weakness has been drawn attention to the reduction in interest rates and the Bank of England’s economic stimulus measures.
The pound value will be affected by the future negotiations. Chief Brexit negotiator Barnier states that he does not want to speculate very much on the future relationship between the UK and the EU. At the moment it is time to “keep calm and negotiate”. He believes it is better to be joint and show “solidarity than to stand alone”, he said to the BBC.
In Central London people have mixed opinions about the Brexit negotiations. Mark Johnson*, 32, says that Brexit is affecting him personally as he works at the propylene investment market. “I agree with the initial decision. Therefore, this final decision should also be dealt with quickly. As it is affecting everyone, the rising property market, institutional certainty. The final decision will release all insecurities”.
Similar is the opinion of Beatrice Jones*, 38, also British, who is the deputy manager at “Samuel The Jeweller. She says: “The initial decision has happened. Increasing the process of this will solve all the other problems we are having.”
For Einer Smith*, 50, however this would not solve all the problems. He says: “I don’t agree with the referendum in the first place. So nope, they shouldn’t rush the negotiation as it would increase the prices.”
Next March, the proposed deal which needs to be approved as part of the two-year process will be initiated. Barnier said a team of 30 people had been set up to make sure the EU will be all set when Article 50 was called. That relates to the section of the Treaty on European Union law that defines the process by which member states may withdraw from the European Union.
- Pseudonym have been used.