I'm bewildered by the reaction (in the media and on the markets) to this week's Brexit news. Short thread. 1/
Last week, Johnson won the GE promising to 'get Brexit done'. The markets soared. Brexit would be done... and the uncertainty would end. 2/
This week, Johnson says that he won't extend the transition period (he can't enshrine that, but never mind), and hints that he is heading for a hard Brexit. Exactly as he said pre-GE. 3/
The markets fell sharply. Commentators have unleashed new/old arguments about the inevitable trade-offs between frictionless trade and alignment; and about the time it takes to agree and ratify trade deals. 4/
It is all entirely predictable. These choices matter. And yet, last month, as Johnson toured the country saying that he would get Brexit done, none of these hard questions were put to him. [Bangs head on desk.] 5/5
