ibusinesslines.com December 17, 2018

Brexit Deal Could Mean UK Can't Trade With US

27 November 2018, 06:50 | Kelvin Horton

Prime Minister of the United Kingdom Theresa May

Prime Minister of the United Kingdom Theresa May

UK Prime Minister Theresa May is now battling to persuade UK politicians to accept the Brexit deal she clinched with European Union leaders on Sunday.

Donald Trump gave Theresa May a Brexit headache on Monday evening, describing the agreement reached between London and Brussels as "great for the European Union".

The U.K. has until March 2019 to agree to the terms of the split.

The last big obstacle to a deal was overcome on Saturday, when Spain lifted its objections over the disputed British territory of Gibraltar.

May said her deal was in the national interest, but opposition Labour leader Jeremy Corbyn said ploughing on with a deal that did not have the support of parliament was "an act of national self-harm". "As I've said before, I think it is important we are a country that upholds its legal obligations", the PM retorted.

Transition follows approval. Both the House of Commons and the European Parliament must sign off on the deal. Dutch Prime Minister Mark Rutte said the deal - the product of a year and a half of often grueling negotiations between Britain and the European Union - was regrettable, but acceptable.

The deal consists of a legally binding withdrawal agreement that runs more than 580 pages, and a 26-page political declaration on future relations. The deal, which was the result of a year and a half of often contentious negotiations, still needs to be approved by the British Parliament, where a politically diverse majority of lawmakers are already lined up against the deal for being too much, too little, or totally stupid and unnecessary.

"If [Parliament] did decide to back this deal we would have to decide to review the confidence and supply agreement", she said.

Britain is due to exit the world's biggest trading bloc on March 29 next year but it remains unclear whether British Prime Minister Theresa May's draft withdrawal deal agreed with the European Union on Sunday will be passed by parliament. Both sides say they hope to have a new deal in place by the end of 2020, so the backstop is never needed.

"I am totally convinced this is the only deal possible", he said.

Meanwhile opponents of the deal on the Government benches continued to make clear they were ready to defy the Prime Minister and vote against it when it comes to the "meaningful vote".

The report entitled The Economic Effects of the Government's proposed Brexit Deal, sent to Yahoo Finance UK ahead of its launch at 12pm local time today, was commissioned by the People's Vote, which are campaigning for a second referendum on whether the UK should leave the EU. May plans to spend the next couple of weeks selling it to politicians and the British public before Parliament's vote in December.

He reiterated his comments from the weekend, saying: "And this is the only deal possible, so if the House (of Commons) says no, we would have no deal".

"I recognize some European leaders are sad at this moment, but also some people back at home in the United Kingdom will be sad at this moment", she told reporters.

During the news conference, the prime minister said it would protect the constitutionality integrity of the United Kingdom.

A no-deal Brexit would "cause huge disruption at the borders, it would mean tariffs and checks at the borders, and all sorts of unforeseen circumstances, and so that's something that a lot of lawmakers are very keen to avoid", Javed said.

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