How Brexit Broke British Politics
— May 30, 2019
By Mervyn King
What now? The test of any political system is how it copes with an issue that divides the nation. Brexit split not only the nation but also both the Conservative and Labour parties. Without a written constitution, and with a sovereign parliament, there are two requirements for major change in Britain. The first is a public mandate. And the second is a working majority in the House of Commons to implement that mandate.
In normal circumstances, a general election is the mechanism by which one party obtains both a public mandate and a majority of seats in the Commons. Over many years the system worked pretty well. On most big questions the two parties had different views which could be put before the electorate. And elections ensured some rotation of the party in power and gave voters the opportunity to throw out governments that were seen to have failed.
Read the full Bloomberg article.
Lord Mervyn King is the Alan Greenspan Professor of Economics and a professor of Economics and Law, a joint appointment with New York University School of Law.