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In a debate at the FT Weekend Festival held at Kenwood House in North London on Saturday, Mr Cable said: “I think there is more than a possibility that Brexit may never happen.”
He added: “The balance of probability is still that it does, but there is a strong possibility of it being stopped because tensions within and between major parties are so large, that one or other may want to let the public decide on the facts whether this is something they want to go ahead with.”
Mr Cable, who became leader of the pro-EU Lib Dems at the age of 74, promising voters an “exit from Brexit,” was replying to a point made by pro-Brexit Conservative MEP Daniel Hannan who argued that Brexit would happen, but in a gradual and low-impact way.
Mr Hannan said: “The day after Brexit is going to look very much like the day before. It’s going to be a process. We will still have all the same rules and regulations we’ve assimilated for 44 years, but that’s the day the divergence can begin.”
Mr Hannan added that Britain would not be damaged by losing its access to the EU single market as it could have a “Swiss-style” deal that “keeps the essence of the single market,” despite not being a member. He also argued that leaving the EU would allow Britain to look towards a “more global future,” and strengthen trade links with non-EU economic powers.
Mr Cable, who has a reputation for being one of the most financially literate critics of British governments since 1997, argued there was “a real risk of a train crash” because it had become apparent the UK government was “woefully unprepared” for the Brexit negotiations that started with the EU in June. [...]
Full article on Financial Times (subscription required)