NOT AMUSED: Britain’s Queen Elizabeth II attends the state opening of the UK parliament in the House of Lords at the Houses of Parliament in London on June 21 2017. Picture: AFP/CARL COURT
NOT AMUSED: Britain’s Queen Elizabeth II attends the state opening of the UK parliament in the House of Lords at the Houses of Parliament in London on June 21 2017. Picture: AFP/CARL COURT

London — Queen Elizabeth has sent a delicately coded message to Britain’s factious political class over Brexit, urging lawmakers to seek common ground and grasp the big picture to resolve the crisis.

With the clock ticking down to March 29, the date set in law for Britain to leave the EU, the UK is in the deepest political crisis in half a century as it grapples with how, or even whether, to exit the European project it joined in 1973.

While the monarch did not mention Brexit explicitly in an annual speech to her local Women’s Institute in Norfolk, she said every generation faced “fresh challenges and opportunities”.

“As we look for new answers in the modern age, I, for one, prefer the tried and tested recipes, like speaking well of each other and respecting different points of view; coming together to seek out the common ground; and never losing sight of the bigger picture,” the queen said.

Though steeped in the conventional language the queen has made her hallmark, the remarks in the context of Britain’s crisis are a signal to politicians to sort out the turmoil that has pushed the world’s fifth largest economy to the brink.

“She’s been a gold-standard monarch for very nearly 67 years now and this is a particularly gilt-edged moment. I think it’s very important what she said and how she said it,” historian Peter Hennessy said.

Buckingham Palace declined to comment though the British media was clear about the significance of her remarks. The Times headline read: “End Brexit feud, Queen tells warring politicians”.

As head of state, the queen remains neutral on politics in public and is unable to vote, though ahead of the 2014 referendum on Scottish independence she made a delicately crafted plea for Scots to think carefully about their future.

Goldman warning

The future of Brexit remains unpredictable with options ranging from a disorderly exit that would spook investors across the world to a new referendum that could reverse the process.

Prime Minister Theresa May is engaged in a last-ditch bid to win support for a tweaked divorce deal after parliament crushed the original plan this month in the biggest defeat in modern British history.

The Northern Irish party which props up May’s minority government has decided to back her new deal if it includes a time limit to the Irish backstop, The Sun newspaper reported.

May has been meeting law makers to discuss a range of options on how to address concerns on the backstop, an insurance policy aimed at avoiding a hard border in Ireland should the two sides fail to agree any other solution.

“The point we are at at the moment is that work is ongoing. As to what we may eventually bring forward and potentially discuss with Brussels, we are not there yet,” her spokesperson said.

Sterling scaled a high of $1.3140 for the first time since November 8 in Asia, before edging back to trade at $1.3095, as traders bet Brexit will be delayed. Options markets indicated sterling could rise to the mid-$1.30s.

But in a sign of the turmoil at the heart of government, finance minister Philip Hammond declined to say if he would quit if Britain left the EU without a deal that he predicts will  lead to significant short-term disruption and hurt the economy.

France and other European powers said they are preparing for the worst. Goldman Sachs will invest less in the UK if there is a difficult or hard Brexit, CEO David Solomon said. “Our headcount in the UK over the last couple of years has not gone down but it hasn’t gone up either — we have added head count, you know, on the continent,” Solomon told the BBC in Davos.

“But I would say that, over time, if this is resolved in a difficult way or a hard way, it’ll have an impact on where we invest and where we put people.” 

Reuters