UK general election unlikely to bring about a reversal of the referendum outcome - MUFG

Derek Halpenny, European Head of GMR at MUFG, suggests that the UK general election does provide the only plausible way to envisage back-tracking where an election takes place quickly after a PM is elected and the general election essentially turns into a campaign for those in favour of parties calling for renegotiation and another referendum and those not.

Key Quotes

“But with the Labour Party also in turmoil we find it difficult to assume that. A new Labour Party leader may well also be in place but the system for electing a Labour Party leader is not about to change and we would assume another new leader would be just as incompatible with assuming the role of PM as Jeremy Corbyn is. Basically, the Labour Party does not look ready to govern and all the main Tory leader contenders appear opposed to the idea of an early general election. Theresa May today indicated her opposition.”