Post-Brexit, the British government has turned into a real hot mess. The pound dropped to its lowest value against the dollar in 30 years ($1.31), and after Prime Minister David Cameron announced his resignation, Parliament is in turmoil and has yet to name a reliably likely successor. All this uncertainty has pulled some of the UK’s biggest projects into jeopardy.
As Global Construction Review puts it: “All the same, most Britons ended the week unsure 1) who will be in government in three months, 2) when a general election might happen, 3) when Article 50 will be invoked, triggering the formal two-year Brexit negotiation process, or even if 4) Article 50 would ever be invoked at all, given the chorus of voices, both in Parliament and among the general public, calling for a second referendum.”
In this atmosphere, Électricité de France is reconsidering its proposal to build a new nuclear power station in Hinkley Point, and the drop in the pound’s value has led to concerns that the UK can no longer afford the very ambitious and expensive High Speed 2 rail line.
One of the most pressing project slowed down by the Parliamentary mess is the £17.6bn expansion of Heathrow airport, which is already operating at 100% capacity. The UK is suffering through more uncertainties than just its mega-projects, and things are likely to get messier before they get clearer (as Labour peer Lord Berkeley, quoted in the headline, concedes).
More on Brexit fallout:
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