UK Lawmakers Get Down to Business

The British opposition leader, Jeremy Corbyn is traveling to Brussels this Thursday in order to discuss an alternative Brexit plan with European Union representatives.

"In meetings with the EU’s chief Brexit negotiator Michel Barnier, Martin Selmayr, the secretary general of the EU Commission, two EU commissioners and seven EU Prime Ministers, Corbyn will express his confidence that an alternative to Theresa May’s botched deal can be agreed in parliament," said the British labour party in an official press release.

Corbyn is meeting with the EU representatives right before the EU summit and is also meeting with other European leaders.

The British premier Theresa May is asking for a three-month extension to complete the Brexit negotiations. The proposal would need unanimous approval from the 27 members of the council, a likely scenario according to the council president Donald Tusk.

In a recent statement, May complained about the British parliament unwillingness to make a decision.

"So far Parliament has done everything possible to avoid making a choice," she said.

On declarations afterward, Corbyn criticized May's statements and added that the premier was "in denial" and "unable to offer the leadership the country needs". Other MPs followed Corbyn and expressed their unconformity with the Premier's statements.

Whether the United Kingdom is leaving or not the European Union this March 29 is still not clear since the British parliament has already rejected the exit treaty twice, causing a great deal of confusion.

A no-deal exit would likely be a political and economic disaster. This scenario would leave the UK without a trade agreement, hurting their exporters and weakening the pound sterling. Imports would also be affected, causing inflation and lowering the British standard of living. The European Union would also suffer from a growing euro-skepticism, which is gaining ground on the important EU members.

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.