Not all doom and gloom over British exit

THE fortnight after the UK's anti-European Union vote has been a poor advertisement for Britain's crisis management prowess. European central bankers are displaying schadenfreude over the sharp fall in sterling and chaotic state of UK politics.

The view in Frankfurt, home of the European Central Bank, is that the referendum aftermath, including a retreat from the front line by Prime Minister David Cameron and his two former principal rivals for the job, is a powerful antidote to other European parties considering similar plebiscites.

However, other Europeans should be careful not to gloat. The quicker than expected resolution of doubt about the next leader of the Conservative Party and prime minister - it will be Theresa May, the home secretary, after Andrea Leadsom, the other candidate, pulled out on Monday - shows how the clock can speed up, potentially in Britain's favour. In a few years, the UK may be pleased that it got its referendum in early.