Slovakia’s prime minister is a harsh critic of Britain and of Brexit. This is understandable; however, a recent study suggests that he would be well-advised to pay more attention to his own country’s precarious affiliations to pan-European institutions.
Since Britain’s EU referendum result, the pound has fallen against the US dollar by around 15 per cent. If this decline is sustained, the cost of Britain’s defence imports could increase by around £700 million per annum from 2018–19 – around 2 per cent of the total defence budget.
The likelihood of a second referendum designed to reverse the first referendum’s decision (as in the Republic of Ireland in 2009) remains very low in the UK, so the Brexit verdict seems irreversible. It also appears certain that the new prime minister, Theresa May, will eventually trigger Article 50 of the Lisbon Treaty, likely in September or October.