- Posted by currencies in Bank of England, Brexit, Currency, Dollar, Economy, EUR, GBP, Sterling, UK, Uncategorised
- September 21, 2018
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Prime Minister Theresa May’s Brexit proposals were declared dead by the British media today after what they cast as a humiliation at the hands of European Union leaders at an informal summit in Salzburg.
After a dinner of Wiener schnitzel in Salzburg, EU leaders said they will push for a Brexit deal next month but warned May that if she will not give ground on trade and the Irish border by November they are ready to cope with Britain crashing out.
Macron bluntly said May’s Brexit proposals, known as Chequers after the country house where they were agreed by the British cabinet in July, were “unacceptable”.
Britain is due to leave the European Union on March 29, yet little is clear: there is, so far, no divorce deal, rivals to May are circling and some rebels have vowed to vote against a possible Brexit deal.
Both London and Brussels say they want a divorce deal, though there is limited time if the British and EU parliaments are to ratify a deal by March 29. Any deal must be approved by British lawmakers.
May’s former Brexit minister David Davis has said up to 40 lawmakers from the Conservative Party will vote against her Brexit plans.
If a possible deal were rejected by the British parliament, Britain would face leaving the EU without an agreement, delaying Brexit or calling another referendum.