The Italian referendum result is significant because it vastly increases the chances of the EU's first anti-single currency party taking government, potentially increasing the pressure on the rest of the Eurozone and the EU project as a whole. It will also heap pressure on Italy's struggling banking system, where there is already talk of a state bailout having a domino effect on Italy's fragile finances. In relation to Brexit, this will be another source of pressure on the EU and the Euro, potentially increasing the EU's need to make Brexit a smooth process. Putting barriers between London - in effect the centre of the EU's financial system - and the rest of the EU just became a more risky proposition. The EU will be thankful that the Austrian election went the way it did - a lance to another source of anti-EU and anti-immigration pressure.
A quick comment on the migration figures. First of all, the data captures the year up to June 2016, so the referendum result has no bearing on these figures. The media understandably focussed on the fact that EU-migration has hit record levels, but some interesting points were lost. Net migration was actually only 1000 higher than the previous year, and the margin of error on these figures is 40,000. Overall there has been no significant change in levels, as non-EU migration has decreased whilst EU migration has increased. Furthermore, of the 284,000 EU citizens that came to the UK, 77,000 were returning Brits.
Today, the governments appeal of the A50 ruling goes to the supreme court. The government is not expected to win, but the case has the possibility of slowing down the Brexit process and potentially pushing back A50 if things get sticky. Full Fact have a good break down of what is going on here. If you are a masochist or a lawyer with time to kill the whole thing can be watched here. Updates on this next week.
Finally, Liam Fox today put out a statement following his travels to the WTO last week. In it, he outlines that the process of carrying over the EU's schedules into new British ones in conjunction with the WTO membership has begun. A sign that the necessary technical aspects of Brexit are finally getting underway. Richard North has a monograph on the complex matter and what it all means.