Brexit's Next Act Has Cast, But Script's Still Missing

Tuesday morning, one tiny piece of UK politics got a touch clearer: Boris Johnson (BoJo)—former Foreign Secretary and London mayor—took 66% of the vote in the Conservative Party's leadership contest, meaning he will replace Theresa May as Prime Minister. While this sheds a little light on the cast of characters in Brexit's next act, it adds little clarity beyond that. How the UK/EU relationship will look post-Brexit remains unknowable. Many speculate his victory means no-deal is more likely, but we think this is a vast oversimplification. Though we wish his election cleared the Brexit fog, it doesn't, in our view.