Brexit Development Update 18-10-19

Baskar Sundaram
Baskar Sundaram

Top 5 Brexit news this week

  • German Chancellor – Angela Merkel said that extension to Brexit is unavoidable if British MPs fail to vote in favour of PM Johnson’s Brexit deal. Addressing an EU summit, Merkel also suggested that EU leaders should not push UK out without a deal and allow further extension to the deadline if requested (…)
  • PM Boris Johnson is confident that his new deal will get approved in the UK Parliament by the MPs, in a special session held on 19th October. The PM expects to win support from 23 former Tory MPs (who now sit as independents), including 21 MPs whom he ousted from the Tory parliamentary party last month after they rebelled against a no-deal Brexit (…)
  • Northern Ireland’s Democratic Unionist Party (DUP) announced that it cannot support Boris Johnson’s current Brexit plan as it creates new divisions between NI and rest of the UK. DUP’s statement is being seen as major setback for UK PM Boris Johnson, who needs its support for any Brexit deal (…)
  • Scottish National Party’s (SNP) leader – Ian Blackford has tabled an amendment to Saturday’s motion in the House of Commons to reject the new Brexit deal. Mr. Blackford has requested an extension on Brexit till at least 31st January 2020, which would allow for an early election in the UK. Mr. Blackford feels that PM Johnson’s Brexit deal would be devastating for Scotland (…)
  • Finance Minister – Sajid Javid plans to deliver Britain’s first post-Brexit budget on 6th November. The aim is to prepare the economy for future and trigger an infrastructure revolution with his budget statement. However, in case of no-deal Brexit the government would act quickly to form an approach for supporting the economy, businesses and households, followed by the budget afterwards (…)

EU Speaks

  • Jean-Claude Juncker, the President of the European Commission announced that the Brexit deal stated by PM Johnson, protects the rights of EU citizens in the UK and British ex-pats living across Europe. Juncker also concluded that the political declaration marks an ambitious free trade agreement (FTA) in coming future (…)
  • As per Simon Coveney, Finance Minister of Ireland, the new Brexit deal struck between the British Government and the European Union is a big step forward towards a mutual agreement. Mr. Convey states the current Brexit deal recognizes all the issues, they have been raising since last three years (…)

Businesses Respond

  • President of the Association of German Chambers of Commerce and Industry (DIHK), Eric Schweitzer stated that that the long back & forth on Brexit has had a negative impact on economic ties between Germany and Britain. Britain reaching an agreement with EU to withdraw from the bloc will offer some respite (…)
  • Britain’s job market has weakened with the number of employees unexpectedly falling by the most in over four years. Also, with Brexit approaching there has been an increase in unemployment witnessed as per the official data released by the Office for National Statistics. Employment fell by 56,000 to 32.69 million in the three months to August (…)

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