Brexit

Monday

Helen Nugent

Housing hyperbole: what’s next for house prices

From our UK edition

Without wishing to add to the hyperbole over Brexit (from both sides), it's fair to say that Britain is all over the place today. From the temporary suspension of trading in Royal Bank of Scotland and Barclays shares and sterling's continued slide against the dollar, to the slump in the return on government bonds and a profit warning from easyJet, the UK is beginning to digest its decision to leave the European Union. In the morass of doom and gloom was another profit warning, this time from Foxtons. The estate agent said concerns following the vote will depress London property sales and, in the first few minutes of trading, shares in the company dropped 18 per cent. By 11.45am they had plummeted by 22 per cent.

Tom Goodenough

George Osborne ditches ‘Project Fear’ as he breaks his Brexit silence

From our UK edition

George Osborne has turned his back on 'Project Fear' after finally breaking his Brexit silence. The aim of his speech this morning was all about reassuring the financial markets before they opened. To help him do that he reeled off a couple of sound bites about how Britain was open for business, how it ‘will not be plain sailing’ but that it was a good job we’d ‘fixed the roof’. The Chancellor also said that whilst this ‘is not the outcome I wanted or that I threw everything into campaigning for’, ‘the people have spoken’ and we must all accept that result. But what was more interesting was what wasn’t mentioned.

Carola Binney

That Cameron is out while Juncker has stayed shows us just what’s wrong with the EU

From our UK edition

According to Jean-Claude Juncker, the President of the European Commission, the Brexit vote was David Cameron’s fault: ‘If someone complains about Europe from Monday to Saturday then nobody is going to believe him on Sunday when he says he is a convinced European’, Juncker told the German newspaper Bild. Thursday’s vote brought with it the inevitable pressure on the leaders of the campaign for Britain to remain in the EU to resign: Cameron will be gone by October, as might Corbyn if the no confidence motion brought by two of his MPs succeeds. But there was also a sense of inevitability about three notable non-resignations: Juncker is remaining firmly in place, as are Martin Schulz and Donald Tusk as Presidents of the European Parliament and Council respectively.

Sunday

Steerpike

Sam Cam’s sister switches sides over Brexit – ‘how quickly can I join the Labour party?’

From our UK edition

Ahead of the EU referendum, David Cameron's sister-in-law declared that she would never vote Conservative again if Leave won. Now that Brexit is firmly on the agenda -- and her brother-in-law set to stand down -- Emily Sheffield is preparing to join the Labour party. Samantha Cameron's sister has taken to Twitter to ask how quickly she can join, adding that she only ever voted Conservative for David: While this news doesn't come as a huge surprise -- given that she tweeted a Sadiq Khan campaign messages during the London mayoral election -- it does beg the question of her sister's voting preference. After all, back in 2010 Ed Vaizey claimed that Samantha 'may have voted Labour' in the past. Will she too be tempted to vote red now the Brexiteers have won?

Melanie McDonagh

Reminder: the referendum was about leaving the EU, not blueprints for the future

From our UK edition

It does seem to me that there’s been a misunderstanding about what, exactly, a referendum is about. It’s not a general election. It’s not about electing a party with a manifesto. It’s simply getting an answer to a specific question, in this case, whether to stay in or leave the EU. So when disgruntled Remainers complain that there is no blueprint for the future, no grand plan for the way ahead, no specifics about immigration reduction, no answers about getting access to the free trade area, all you can say is, that’s not what it was about, people. There was a coalition of disparate interests behind the Brexit side, from Labour to Ukip, and all they had in common was that they wanted out of the EU.

Douglas Murray

Why is the government missing in action?

From our UK edition

It is now almost three days since David Cameron announced his resignation. The Chancellor of the Exchequer has been in hiding ever since. And the Parliamentary Labour party is revolting against its own leader and members. It is one thing for the whole political class to be in disarray. It is quite another for the government to be missing in action. Obviously we are waiting for the Conservative party leadership contest to get going and swiftly resolve itself. But that will take months. In the meantime the country is still here. And a number of things need to happen fast. Since Mark Carney’s intervention early on Friday there has been no appearance by any public figure to assure the country on what happens next. I trust that this will start to happen tomorrow.

Brendan O’Neill

The howl against democracy

From our UK edition

There’s a delicious irony to Remainers’ branding of Leave voters as confused individuals who have simply made a desperate howling noise, whose anti-EU vote was a ‘howl of anger’ (Tim Farron) or a ‘howl of frustration’ (JK Rowling). Which is that if anyone’s been howling in recent days, it’s them, the top dogs of the Remain campaign. They are howling against the demos; raging against the people; fuming about a system that allows even that portly bloke at the end of your street who never darkened the door of a university to have a say on important political matters. That system we call democracy.

Fraser Nelson

Brexit won’t hand victory to the SNP. A unionists’ breakdown just might.

From our UK edition

Over the last few years, Scots have had to get used to Nicola Sturgeon telling them what they think. When the SNP had its majority (one the voters stripped away in the recent Holyrood election) she was keen to present herself as the voice of the country: l’Ecosse, c’est moi. If the SNP wants X, then Scotland wants X. She’s at it again, saying that the UK has voted out of the European Union and Scotland has voted in – so the UK was voting ‘against the interests of the Scottish people’ and finally provided the provocation needed to launch a new referendum. In fact, two-in-five Scots – and even a third of SNP voters – supported Brexit.

Nicola Sturgeon

The UK that Scotland voted to remain within ‘doesn’t exist anymore’

From our UK edition

The First Minister gave an interview on Scotland's position in the UK after Brexit on the Andrew Marr Show this morning. Here's what she said: Andrew Marr: Can I ask first of all, is it your priority to have a negotiation as Scotland with Brussels to allow Scotland to more or less seamlessly stay inside the EU? Nicola Sturgeon: My short answer to that is yes, but let me perhaps expand on the position that I find myself in. Marr: Please do. Sturgeon: You know, the first thing I should say is that I didn't want to be in this position this weekend. I hoped very much and campaigned to help persuade people across the UK to stay in the EU, but obviously people in England have voted differently to people in Scotland.

Ross Clark

Why can’t we have an amicable divorce with the EU?

From our UK edition

Just when you were beginning to wonder whether we have done the right thing, along comes Jean-Claude Juncker to remind you exactly why Britain voted for Brexit. It is ‘not going to be an amicable divorce’, he tells us. Why can’t it be amicable? We’ve decided that we’ve grown apart, not run off with the milkman. There’s no need to put the car keys down the drain and upload some naked photos onto the web. It isn’t so much Ukip who are exploiting the politics of hate; it is Juncker. In his desire for revenge he is demonstrating the contempt for democracy that has been the bane of European Commission ever since it was founded. The Remain camp just can’t seem to see why so many voters are fed up with the bullying attitude of the EU.

Saturday

James Forsyth

Jonathan Hill’s resignation is an act of gross irresponsibility

From our UK edition

The UK’s EU Commissioner, Jonathan Hill, has resigned today saying that he couldn’t carry on as ‘though nothing had happened.’ This strikes me as an act of gross irresponsibility. Britain has not yet invoked Article 50, the two-year process for leaving the EU, and Hill staying on would have provided some continuity at a time of uncertainty. Supporters of his argue that his resignation was the honourable thing to do as Britain is no longer part of the team in Europe. It might have been right that Hill should have volunteered to move to another portfolio. But an outright resignation seems excessive and an over-reaction. Even Jean-Claude Juncker tried to persuade Hill to stay on.

James Forsyth

Will Boris, Gove and the Brexit band of brothers run for No 10 together?

From our UK edition

Westminster is still digesting what happened on Thursday night. But before Britain can turn itself to the big question of how to leave the EU, a new Prime Minister has to be chosen by the Tory party. Nearly every Tory MP I’ve spoken to since Friday morning is of the view that the new PM will have to be an Outer. They argue that the public would find it find odd to vote for Britain to leave, and then have a new PM chosen who was on the losing side in the referendum. There are, as I report in The Sun this morning, Cabinet Ministers who want Michael Gove to run. They think he would be the best PM of the Outers and that he would find it easier to reunite the party than Boris. But, I understand, Gove is not planning to put himself forward.

Fraser Nelson

Did referendum rage get the better of David Cameron?

From our UK edition

I suspect a lot of people who voted out have mixed emotions this weekend, especially given how emotional the debate became. People on both sides did go a little bit mad. My Twitter feed reminded me of that Danny Boyle film 28 Days Later: you watch with horror as friend after friend (on either side of the debate) is infected with the Human Rage Virus. All of a sudden, it’s not possible to have friendly disagreements: you turn into The Enemy for them. And it’s not just a social media thing: there are still people, this weekend, afraid to tell their friends and family how they voted. Alex Massie’s piece warning England about referendum rage turned out to be prophetic. And I suspect that Cameron, himself, suffered a bit of referendum rage.

John Osullivan

Unlike the EU, Brexit isn’t a theory

From our UK edition

In June 1975, I was given the heavy responsibility of writing the Telegraph’s ‘light’ op-ed on the conduct of the first Euro-referendum campaign, which duly appeared on the day of the vote. My theme was that it had been the nicest possible stitch-up. ‘From the establishment and the respectable anti-establishment, from the Economist and the New Statesman, from the Lord Feather [of the TUC] and Mr Campbell Adamson [of the CBI], from Mr Wilson and Mr Heath, from the Royal Commission Volunteers to “Actors and Actresses for Europe”, the same advice, the same dire predictions of life outside the Market…’ It rings loud bells today.

Lara Prendergast

Brexit was a harsh political awakening for young people

From our UK edition

Since Brexit became a reality early on Friday morning, my Facebook feed has been filled with mournful posts written by friends who voted Remain. Those who voted Leave seem to be staying quiet. This is understandable. Most of my friends are in their twenties. They tend to be educated and globalist in their outlook. They have enjoyed the freedom of movement that the EU offered them, and feel they have benefitted overall from Britain being a member. It is painful to see the comity of the EU suddenly stripped away, and I sympathise on many counts. The vote for Brexit will no doubt be a defining political moment for my age group. I sense that more people now feel politically engaged than ever before.

Tom Goodenough

What are the European – and world – papers saying about Brexit?

From our UK edition

Brexit is, unsurprisingly, continuing to dominate the front pages of the newspapers overseas for a second day in a row. Whereas many of yesterday's European paper splashes focused on Britain's decision to vote 'Out', though, the big question now is: what does this mean for us? Several front pages across the continent ask this question this morning, with others trying to address the issue of whether their own countries might follow suit with their own brand of Brexit. It's clear that whilst Britain is now at a crossroads, so, too, is the rest of Europe. And many across the continent are waking up to that realisation today.

Friday

Douglas Murray

It is best not just for Britain but for the EU that we part ways

From our UK edition

A few thoughts on today’s events. First – it wasn’t working. With each year it was becoming more and more obvious that Britain and the EU wanted different things. Many (though not all) continental countries seem happy with a political union which pools their national sovereignty. There may be virtues in that, problems in it or both.  But it was never a desire of the British people. Last night demonstrated that. So it is best not just for Britain but for the EU that we part ways. If we had not then we would have continued to be a hindrance and drag on our partners during the next stages of their political development. Secondly – I hope that there can be a widespread, indeed unanimous, agreement that we wish the rest of the EU exceptionally well.

Matthew Lynn

Why Brexit is worse for Europe’s economy than it is for ours

From our UK edition

Share prices in freefall. Pension funds obliterated. A sea of red ink across trading screens. Billions wiped off the value of leading companies. And brokers, or at least the automated trading algorithms that have replaced them, contemplating throwing themselves out of the window, or whatever exactly it is that an algorithm does when it has a really bad day at the office. That is surely an accurate description of the City of London this morning. Except, er, is isn’t really. In fact, as the financial markets wake up to an outcome they had planned for but never really expected, something far more interesting is happening.

Ed West

Vote Leave now need to repay the people who voted for their cause

From our UK edition

My part of north London feels like the morning after England get knocked out from the World Cup. People look genuinely angry, and down the road in Islington the benevolent moral guardians of the current year have been shouting 'scum' at Boris Johnson outside his house. https://twitter.com/LBC_Charlotte/status/746260182297088001 After the most unpleasant period in British politics for years, and a sour and recriminating atmosphere now lingering, the Vote Leave team – who may be the government in waiting – have got to unite the nation to assure stability; politically, economically and mentally.

Melanie McDonagh

This EU anarchy is more interesting than the alternative

From our UK edition

Don’t know about you, but the healing process is proving difficult from my point of view in dealing with my friends and family. My daughter, who is 9, broke down and cried over breakfast when she heard the result. Which is nothing to what her class will do: to a child, they’re solidly pro-Remain, and I know who’s spreading the message too – one of the little girls’ fathers is a journalist who worked himself up into a state of incoherence at the very thought of Brexit… he’s probably lying down in a darkened room right now. A colleague of mine whom I’d always thought of as rather a good friend won’t actually speak to me now; she has discerned that I may not be wholly on side on the result.