24 June 2016


The FTSE 100 has recovered from a low of close to 5800 to well over 6000.  Sterling has recovered from a low of $1.34 to over $1.37.

Meanwhile, Cameron is going without invoking Article 50 to initiate Brexit negotiations with the EU on the grounds that it would be for a new PM to decide.  And, possibly, that new PM - whoever he or she turns out to be - may conclude that he should not invoke Article 50 until he has secured his position by means of a general election.  Which raises the question of whether a new government would feel obliged to pursue Brexit - depending on the manifesto on which it had been elected.

Old Heraclitus had it right when he said all is flux and nothing remains the same.


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