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British Opposition Eager to End No-Deal Brexit

no deal brexitThe British Foreign secretary Dominic Raab commented that the only reason there has not been progressing on delivering the Brexit in an orderly manner is that the EU leadership senses that the current conflict in the British Parliament would either delay or cancel the Brexit. It's still not clear whether those are the European Leadership true intentions, however, it is a fact that the British opposition will do whatever is within their reach to stop a no-deal Brexit.

The British opposition, together with some pro-remain tories, may attempt to force the British government to ask Brussels for another three-month delay, though whether they will choose this path won't be clear until they reunite this Tuesday and reach a consensus. The other alternative is holding a confidence vote, which could trigger a General Election.

“I don’t want an election. You don’t want an election. Let’s get on with the people’s agenda,” told Johnson to reporters.

Earlier this morning, Johnson reiterated that his government is not intending to ask Brussels for a delay, accusing the Labour Leader Jeremy Corbyn of trying to cancel the 2016 referendum.

"I am committed to leading our country forward and getting Britain out of the EU by October 31st," he posted on his Twitter account.

Johnson believes that ignoring the 2016 referendum results is against democratic values, and despite preferring leaving the European Union in an orderly manner, he based his political campaign on the promise of delivering the Brexit by the current deadline, scandalizing the moderate members of his coalition and triggering a fierce opposition across the whole British political spectrum given that his government is not willing to accept Theresa May's deal and that Brussels won't comply with its request to abandon the Irish Backstop Clause.

The British opposition seems confident, including some moderate Tories like the former British Finance Minister Phillip Hammond.

“I think we will have the numbers,” said Hammond, “I think there’s a group of Conservatives who feel very strongly that now is a time where we have to put the national interest ahead of any threats to us personally or to our careers,” he added, highlighting that he intends to stand as a conservative candidate at the next election.

Brussels may capitulate...or not

Raab claimed that Europe may capitulate to Boris Johnson's government demands, which consists of abandoning the Irish Backstop clause.

"They have moved the position so now the EU is willing to contemplate opening up the withdrawal agreement in a way that wasn’t there before," he said, adding that this is due to the resolute strategy Johnson adopted.

The EU leadership has said in the past that they're not intending to reopen the negotiations, disregarding the British petitions concerning the Irish Backstop. The main reason they have not capitulated yet is that they don't want a hard border between Northern Ireland and the Republic of Ireland, and consider that the only way of avoiding such a situation is holding by the Irish Backstop Clause.

It's still not clear whether Brussels will comply with Johnson's demands as the European Commission signaled on Monday that there are not still concrete proposals on how to deal with the Irish issue.

“We are willing to work constructively with Prime Minister Johnson to look at any proposals, any concrete proposals that he may have as long as they are compatible with the Withdrawal Agreement,” said a European commission spokesman, adding that the suitability of any new proposal will be determined by its compatibility with the current withdrawal agreement.

By 9:15 GMT the GBP/USD pair was at 1.1994, losing 0.60 percent, while the GBP/JPY followed the trend, losing 0.71 percent, at 127.25.

Sara Patterson
About Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.
 

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