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Pound falls sharply on Brexit deal advice

15 March, 2019, 10:15 | Author: Lucille Rivera
  • Finally, a Big Week for Brexit

If, however, the deal fails to pass through yet again, Theresa May's previously set timetable is set to kick in - with MPs given a vote by Wednesday on leaving the European Union without any agreement in place, which is expected to be defeated because there is very little support for such a no-deal Brexit option.

Brexiters in the Conservative party have said they will be guided by the advice of the attorney general, Geoffrey Cox, and the reaction of DUP MPs.

Macron said the British government has "to explain to us what the point of it is, and in particular whether it adds anything".

In revised advice published on Tuesday morning, Cox said the risk of the UK being stuck in the backstop had "reduced", but concluded: "The legal risk remains unchanged that ... the United Kingdom would have, at least while the fundamental circumstances remained the same, no internationally lawful means of exiting the protocol's arrangements, save by agreement".

Some British lawmakers had warned their Brexit-backing colleagues that rejecting the deal could lead to Britain's departure being postponed indefinitely, because a delay would give momentum to opponents of withdrawal.

Supporters of Brexit argue that, while a "no-deal" divorce might bring some short-term instability, in the longer term it would allow the United Kingdom to thrive and forge beneficial trade deals across the world. Both lawmakers and the public remain split between backers of a clean break from the European Union and those who favor continuing a close relationship, either through a post-Brexit trade deal or by reversing the June 2016 decision to leave. We will be taking appropriate advice, scrutinising the text line by line and forming our own judgement.

On the eve of a crucial vote in the House of Commons on Prime Minister Theresa May's divorce deal, Michel Barnier said the British leader must negotiate with MPs rather than the EU.

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Steve Baker, a pro-Brexit member of May's Conservative Party, said the new agreement seems to fall "short" of the plan he wanted to see.

"If we vote for the improved deal we will both end the current uncertainty and deliver Brexit", he said. If this controversial vote passes, the MPs will vote again on delaying Brexit.

A second document has also been agreed, supplementing the political declaration which sets out hopes for a UK-EU trade deal, to outline commitments from both sides on moving swiftly to this new relationship. As a result, GBP has dropped and risk appetite more generally has tumbled.

If MPs opt for extending article 50 to continue deliberations, it still will not solve the problems May's government is facing.

The currency swung about in an nearly 100-pip range soon after the House of Commons handed May her second defeat in two months on the U.K.'s divorce from the European Union. Picture: PA How many votes does Theresa May need to win the Brexit vote?

Around 320 votes are needed to guarantee a majority. The House Speaker and 10 other MPs do not take part in voting.

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