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UK Prime Minister needs more time to negotiate with EU over ...
07-03-2019 19:49
UK Prime Minister needs more time to negotiate with EU over Brexit
UK Prime Minister needs more time to negotiate with EU over Brexit

Theresa May, Prime Minister of the United Kingdom, wants more time to negotiate with the European Union over Brexit. In a statement to Parliament, Mrs May noted that she secured a preliminary agreement with the EU for further talks; however, more time is needed to complete that process.

As cited by the British Prime Minister, if she does not reach a Brexit deal with Brussels by February 26, the next day, members of parliament will be able to express their opinion on how to resolve the situation by voting. “The talks are at a crucial stage. We now all need to hold our nerve to get the changes this House requires and deliver Brexit on time,” Mrs May noted.

However, many members of parliament do not have confidence in the Prime Minister's approach. The leader of the Labour Party, Jeremy Corbyn, accused Theresa May of running down the clock and blackmailing to ensure her Brexit deal wins parliamentary backing. He noted that the Prime Minister once again delays a vote.

Last week, Mrs May visited Brussels to meet European Commission President Jean-Claude Juncker. The politicians agreed to continue Brexit talks. However, Jean-Claude Juncker stated that the EU will not change arrangements for the Irish border.

Earlier, the British Parliament rejected the May's deal ratified by the EU. Most members of parliament voted against the so-called Irish backstop, an insurance plan that guarantees to keep the border open between Ireland and Northern Ireland if it is impossible to reach other agreements. According to British politicians, this plan will let the EU influence the UK's trade deals.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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