Johnson: Tory Victory Would End Brexit Crisis

Ibeth Rivero

Brexit

Britain's Prime Minister Boris Johnson is set to say in his first major speech related to the election that a Tory victory would put an end to the Brexit political crisis by leaving the Union on January 31 with a deal.

"The UK is admired and respected around the world but people are baffled by our debate on Brexit and they cannot understand how this great country can squander so much time and energy on this question and how we can be so hesitant about our future," he will say during a visit to the West Midlands, "If we can get a working majority we can get parliament working for you, we can get out of the rut. We can end the groundhoggery of Brexit," he added.

He also blasted the main Opposition party, saying that a victory for the Labor party would mean more uncertainty, more taxes, and two referendums: a new Brexit referendum and one on Scottish independence.

"They will ruin 2020 with two referendums, they will ruin the economy with out of control debt, they will put taxes up for everyone," he will say.

Johnson's political campaign is based on the "get Brexit done" motto, as according to his party the 2016 referendum result must be respected as well as getting it done is needed in order to focus on other important problems. He will claim that the United Kingdom was set to leave with a "fantastic" deal last month but the British MPs impeded this, thus highlighting the necessity of "unlocking" the political system.

The British conservative party is set to win the next general elections. The last opinion poll published by Survation showed that the British Conservative party increased to 35 percent while support for the Labour party climbed to 29 percent. Nigel Farage's latest decision not to run against the conservative party may have boosted the probability of a Tory victory.

Reuters poll: chances of a no-deal Brexit fell

A potential Tory Victory diminishes the chances of a no-deal Brexit, according to the most recent Reuters poll, since having the numbers on its favor secures the backing for the current Brexit deal in the British Parliament. The second most likely scenario according to this poll is the United Kingdom remaining on the Union, while the third is leaving the Union without a deal, which would mean that the UK will have to trade under the WTO rules,

According to Reuters, the median probability of a no-deal Brexit fell to 20 percent in November, from October's 30 percent, the lowest figure since May. The majority of the polled economists also think that the United Kingdom and the European Union will eventually reach a trade deal.

Chances of a recession also went down, as the probability of a recession in the next 12 months fell to 25 percent from last month's 30 percent. Conversely, the probability of a recession in the next 24 months fell to 30 percent from 35 percent.

By 8:58 GMT the pound sterling remained almost steady against the US dollar, losing 0.05 percent and falling to the 1.2837 level. It went down by 0.24 percent against the Swiss Franc, at 1.2723, while it gained 0.07 percent against the Japanese Yen, hitting the 140.09 level.

About the Author
Ibeth Rivero

Ibeth contributes daily market commentary in both English and Spanish (both of which she speaks fluently) and she also manages the DailyForex mobile app to ensure that traders around the world are getting important market updates in real time.

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