Daily Times

British Prime Minister Boris Johnson could not have asked for a better Christmas gift than the post-Brexit deal with the European Union (EU) miraculously coming through at the last moment. All this while, especially in the last few weeks when prospects for the deal seemed to have collapsed beyond rescue, this uncertainty added to the already somber mood in the British market because of the out-of-control coronavirus situation and the nosediving economy. Now there is a feeling of calm, even if it is temporary, and the pound has stabilised against other currencies and there is something to celebrate at least in the immediate term.

More will become clear in the coming days as everybody on either side of the channel has had time to digest the 2,000 page document that embodies whatever has been agreed over the last couple of days, but at least there is no longer the prospect of unpleasant surprises anymore. And in addition to saving the British economy from an even worse collapse than it is experiencing at the moment, the deal has also done a huge favour to the political career of PM Johnson. For not only what has been agreed, indeed what was also put on the table, very different from what most Britons had in mind when they voted in favour of Brexit, but Johnson’s performance all during this time as PM has not exactly been something to write home about, especially when it comes to negotiations with the EU.

But it’s not as if hard times are over for Johnson or his government. The proof of the pudding always lies in the eating and it still remains to be seen how Britain’s economy does after the divorce with the EU becomes official on 1 January 2021. Fate of EU residents who live in the UK is also far from certain. They will retain some sort of cover for about half a year, but then matters will be decided on a country-to-country basis and there is little to suggest, based on how it has gone so far, that those negotiations will be as smooth as everybody would like them to be. And, of course, there is the utter collapse at home to deal with as well, not the least because it has been caused in no small part due to Johnson’s own lazy style of governance. If he hadn’t secured the Brexit deal on top of all the troubles, he might well have faced some sort of revolt in the House. *