The fact that the UK avoided an immediate crisis does not tell us much about the future

More than ten weeks ago now, the UK voted to leave the European Union. Holger Schmieding explains why the initial shock has subsided fast. First, instead of taking charge, the leading Brexiteers lost the ensuing power struggle within the Conservative party as the mildly pro-EU Theresa May prevailed within just three weeks. Second, May’s calm and slow approach to Brexit issues has fostered the impression that she will seek realistic co-operation rather than ideological confrontation with the EU27.