Legal risk of backstop not eliminated: UK AG | #112483

Blanche Robertson
March 14, 2019

British Prime Minister Theresa May is facing continued opposition to her European Union divorce deal despite "legally binding" changes that she hopes will win parliamentary support for the agreement.

The "cliff edge" of a no-deal Brexit was taken off the table with MPs voting 321 to 278 in favour of the motion.

A drawn and hoarse May admitted defeat - again - and confirmed that Parliament will vote Wednesday on whether to leave the European Union on March 29 without an agreement.

If lawmakers vote down May's deal, she has promised a vote on Wednesday on whether to leave without a deal and, if they reject that, then a vote on whether to ask the European Union for a limited delay to Brexit.

British lawmakers, who on January 15 voted 432-202 against her deal, were studying the assurances with lawyers. May's political spokesman said she had not discussed resigning. I didn't sleep much last night because of Mrs May, but long enough to be able to dream of Slovakia'.

The EU Commission said it would "expect a credible justification" for the postponement. There could be a renegotiation with Europe, that could mean a second referendum, that could mean a vote of "no confidence" in the Commons against the government.

MPs will vote whether to leave without a deal.

Environment Secretary Michael Gove said it was "make your mind up time" for lawmakers.

When it was her turn, May appealed to Parliament - where her own Conservative Party is bitterly divided.

"Let's be crystal clear about the choice: it is this deal or Brexit might not happen at all", he said.

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After being given out, Finch reviewed the decision and replays caused a big controversy. However Finch said overall that DRS was a "pretty good system".

The pound was last trading 0.6 percent higher on the day at $1.3223, having been as low as $1.2945 at one stage on Monday.

"One door has closed but other possibilities have opened up and markets are hopeful that Wednesday's vote on a no-deal Brexit will suffer a big defeat", said Timothy Graf, head of macro strategy at State Street Global Advisors in London.

She told parliament that she has struggled with the need to honor the 2016 Brexit referendum results while also getting a good deal from Brussels, adding that if MPs vote to leave with no deal, that will become official government policy.

If Parliament approves the measure, the fears of a no-deal Brexit are over. However, the government's legal representative, the Attorney General, said today said that the deal leaves "the legal risk unchanged".

Many "Aussie" traders, meanwhile, will be awaiting the publication of the Westpac consumer confidence for March today, and with any signs of an uptick this could see the AUD/GBP exchange rate rise further.

At a late-night joint press conference with Mr Juncker on Monday, Mrs May said that three new documents provided the legal assurances critics of her stance had called for. "There will be no further interpretations of the interpretations, no further assurances of the reassurances if the "meaningful vote" tomorrow fails".

Whatever Parliament decides, it will not end Britain's Brexit crisis.

"That is what Parliament asked us to secure and that is what we have secured". He also said it was now "time for a general election". They are not happy and they have been deeply concerned with what's been going on in the negotiations.

Many fear that Brexit will divide the West as it grapples with both the unconventional US presidency of Donald Trump and growing assertiveness from Russian Federation and China, leaving Britain economically weaker and with its security capabilities depleted.

But ultimately, it's up to the politicians interpretations and that's the Tory rebels who would not vote for Theresa May's deal in the first place, and the key question is, does this give the United Kingdom enough sovereignty to satisfy them?

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