— This is the script of CNBC's news report for China's CCTV on October 30, 2019, Wednesday.
Britain is going to have general election on Dec 12 and it's impossible to leave the EU on Oct 31. Issuing Brexit coins bear the brunt. The Royal Mint had been asked to produce new 50p pieces featuring the UK's scheduled departure date, but now this plan has been stopped and all these coins will be collected back. Earlier, UK planned to issue coins featuring March 29, which is the last scheduled Brexit date, and this was failed as well. A Treasury spokesman said a coin will still be produced to mark Brexit, but it will enter circulation after they have left the EU. It seems they have learnt a lesson from the back and forth changing. The destiny of a little coin reflects that of UK.
Since the referendum in 2016, Britain has worked on Brexit issue for 3 years and has had 3 PMs. The fortunes of the whole country and of all its people have been constantly reversed. A Labor MP told CNBC over the phone one month ago that British business has had enough of this, UBS chairman said they are seeing an "investor strike" in the UK.
According to data from BOE, British consumers showed further signs of caution before the Brexit deadline.
The growth rate in unsecured consumer lending slowed to 6.0% in the 12 months to September, the weakest increase since July 2014 and down from 6.1% in August. Earlier on Tuesday, mortgage lender Nationwide said British house prices rose by just 0.4% on the year, the 11th month in a row that annual price growth remained below 1%.
A change in Brexit deadline also impact the government expenditure plan. Currently, British government has suspended the Brexit advertising campaign which worth ￡100m. Seen from now, snap election is probably the only way to solve Brexit problem though, British tax payers has to pay for that first, whatever the result of snap election would be.
A similar election would cost the British taxpayer more than ￡140m, according to figures released by the UK authorities for the 2017 early general election.
We will keep close eyes on British election and Brexit.