NEW YORK (TheStreet) -- Last Thursday the U.K. decided to exit the European Union, a decision many that voted for the country's removal from the block are now regretting and some say it will not happen at all.

The Atlantic Council's CEO Fred Kempe was on CNBC's "Power Lunch" this afternoon and he believes "that Brexit will not happen." Kempe is basing his opinion on three arguments.

"First of all it isn't triggered," Kempe said. "The Prime Minister David Cameron could've triggered it on the day of the referendum, and it could well be if he didn't do it on the day of the referendum, nobody ever will."

Kempe argued that most of the political leadership in the U.K. is not in favor of the Brexit and that even MP Boris Johnson is a "little bit mixed" when it comes to the split from the EU.

"The second reason is the EU has a history of rolling over referendum. You had the Danes in 1992 on Maastricht, they voted against, you had the Irish twice in 2001 and 2008 on the Roman-Lisbon treaties," Kempe said. "They re-ran their elections, they rolled over the referendum, the EU made some compromises and then things went through."

Kempe made note of the "mood of the British people," and a petition signed by 4 million people against the outcome of the referendum. There is even a protest being held in London's Trafalgar Square, as angry British citizens call for the U.K. to remain in the EU.

There is also the possibility of Scotland and Ireland, both of whom wish to remain in the EU, placing constitutional vetoes in the path of Brexit, although Kempe noted it is unclear if they are legally able to do so.

Finally, Kempe brought up German Chancellor Angela Merkel, who doesn't want Britain out of the EU and sees "her legacy as being saving Europe and so I think she'll try to make some sort of deal with Britain that will allow a second referendum."

CNBC senior contributor Larry Kudlow responded to Kempe's comments calling his arguments "fanciful scenarios" at best and "at worst it's just downright misleading."

"The elites have done this now throughout the entire Brexit campaign. Britain is a democracy, the EU I might add is not a democracy, that's what this is all about," Kudlow added. "I call it Magna Carta 2.0. I think it's about freedom. I think ultimately it's about economic growth and I think it's a terrific thing."