Brexit delay agreement pushes pound higher

Clay Curtis
April 14, 2019

The European Council agreed to a six-month extension of the Brexit process early on Thursday morning, setting a new deadline for the United Kingdom to leave the European Union on October 31, 2019.

The six-month extension to October 31 was a compromise solution thrashed out by European Union leaders after French President Emmanuel Macron dug-in against a longer delay lasting into 2020. "That is a very, very long time and a lot could happen".

The bloc had already granted Britain a delay once from the original March 29 deadline. Her problem is no longer that she is running out of time.

British Prime Minister Theresa May shown during a press conference in Brussels, Belgium on April 11, 2019.

She stressed the importance of the cross-party talks that have been taking place between ministers and their Labour counterparts, and said she hoped they could reach agreement in the coming days.

"There seem to be those who think it is good politics for Macron at home to stand up to the British", said Anand Menon, professor of European Politics and Foreign Affairs at Kings College London and Director of the United Kingdom in a Changing Europe Initiative.

An EU source earlier told reporters on the sidelines of the summit that UK Prime Minister Theresa May disagreed with several conditions for the delay. In an effort to win support May stated she wouldn't lead those discussions.

May has promised to step down once she delivers the first stage of Brexit - meaning she could remain in power until near the end of the year. Labour favors a Brexit that is milder compared to the government has suggested, and wants to keep a relationship with the bloc.

Mr Macron defended his resistance to giving Britain nine months or a year more, saying it was for the "common good".

No signs of imminent breakthrough in cross-party talks.

"If the government is serious, the red lines must move and we must see a real compromise", he said. Still, the negotiations are set to continue.

Theresa May has insisted Britain can still leave the European Union by the end of next month, as she urged MPs to use next week's Easter recess to "reflect on the decisions that will have to be made swiftly on our return".

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But he said World Bank officials must ensure such support is aimed at boosting effective private investments in poor countries. G-20 officials agreed with a downgraded International Monetary Fund forecast released this week.

"The pressure on her to go will increase dramatically, I suspect, now".

Theresa May made clear on Thursday she meant to bring back her Brexit deal to the Commons for a fourth time after European Union leaders agreed to extend the Article 50 withdrawal process to October 31.

That leaves her facing a second referendum.

Mrs May said Brexit talks with the European Union had been "difficult" but she had fought Britain's corner.

It is likely the autumn extension will fuel calls from Tory backbenchers for the Prime Minister to resign and hand over to a new leader.

After British Brexit-backers suggested they'd try to make life hard for the EU, However, some EU leaders worry that could have downsides - particularly.

What does 31 October mean?

On the prospects of an European Union election, Mr Green said: "I think the idea of going through the expense and trouble of electing MEPs for what could be a few months seems to me to be a nonsense".

May blamed the Brexiters' own failure to vote for her deal for the decision to ask for a delay. Britain has the option of leaving before that if May succeeds in getting a withdrawal agreement ratified by Parliament.

With one Brexit day gone and another following, the Government has lost control of the timetable. The proposal is backed by many in Labour and other opposition parties, plus some of May's Conservatives.

Let me remind the shadow Business Secretary that in 2016 Parliament could not make its mind up and voted to give the British people a vote on Europe to get a decision.

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