The credible way to end Brexit gridlock and give the UK and global businesses much-needed certainty is with a second referendum, says the CEO of one of the world’s largest independent crypto financial advisory organisations.
Nigel Green, founder and chief executive of deVere Group, is urging Westminster to strive towards the option of running the ‘in or out’ referendum again just hours before MPs meet ahead of one of the most critical Brexit votes since 2016.
This evening, MPs will decide whether to accept the Brexit deal struck by Prime Minister Theresa May and the EU after she secured, according to Downing Street, “binding assurances” from the EU over the controversial Irish backstop.
The PM’s previous withdrawal agreement was voted down by a margin of 230 when it was put before Parliament in January.
“Most legal experts agree that the much-hyped revised agreement does not, in reality, significantly change anything regarding the Irish backstop,” said Mr Green.
“In all probability, it will, therefore, be rejected once again in the House of Commons by MPs who handed Theresa May the biggest parliamentary defeat in history on this very issue in January.
“As such, the decision remains a political one – and therein lies the main problem. There is no majority in parliament for any one way forward.
“What most people across the UK, as well as British and global business, do want though is an end to the paralysing gridlock and uncertainty.
“Politicians have proven themselves to be incapable of resolving this impasse in parliament.
“Therefore, the sensible – probably the only – way through is to give it back to the people, giving them accurate, unambiguous information in order to allow them to make an informed choice on the final deal.”
Mr Green, who regularly delivers his cryptocurrency expertise through Coin Rivet, added that any new vote must also include 700,000 British expats who are “disenfranchised from the UK political system after 15 years overseas and subsequently denied the vote on something that directly affects them”.
“All other G7 countries except the UK allow their citizens voting rights for life,” he stressed.
“Why is Britain different? It is especially galling as they are potentially still liable for UK inheritance tax but are not allowed to vote in the UK after 15 years.”
The thorny issue of a second referendum has been growing as a possibility for the past 12 months and, more recently, has attracted a high-profile following as Remainers demand the option is tabled.
Leavers, meanwhile, stress that the results of the Brexit referendum were clear and that the democratic process must not be compromised.
However, the deVere CEO believes financial organisations across fiat and crypto industries are being suffocated by the tangled Brexit negotiations and suggested that a second referendum could well provide clarity and remove uncertainty from the markets.
“There is no parliamentary majority for any Brexit option,” he concluded.
“Allowing the public to vote and giving them a final say is quite simply the only credible solution we now have available.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.