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Sterling surges as Theresa May secures Brexit assurances, yen dips

Sterling surges as Theresa May secures Brexit assurances, yen dips”

"However, the legal risk remains unchanged that if through no such demonstrable failure of either party, but simply because of intractable differences, that situation does arise, the United Kingdom would have, at least while the fundamental circumstances remained the same, no internationally lawful means of exiting the Protocol's arrangements, save by agreement".

British Prime Minister Theresa May is welcomed by European Commission president Jean-Claude Juncker in Strasbourg, France, on Monday.

You may have read in the last day that she won a "revised deal" in Monday night talks with European Commission President Jean-Claude Juncker, but all she really got was repeated assurances that no-one in the EU wants the crucial Irish backstop mechanism (explained here) to be permanent, leaving the United Kingdom indefinitely tied into a customs union with the EU if the two sides fail to strike a new trade agreement in the next couple years.

It is likely to turn wavering Tory Brexiteers, who had been awaiting Cox's judgment on the concessions, back against May's deal in large numbers. The "Irish backstop" is an insurance policy that will ensure there is no hard border in Ireland.

Earlier, Ms May has said she had secured "legally binding changes" from the European Union to overcome the Ireland backstop.

"It will consider facilitations and technologies - both those now ready and emerging".

"Now is the time to come together, to back this improved Brexit deal, and to deliver on the instruction of the British people", May said.

Mr Juncker added: 'We reached an agreement last night with the British Government on the terms of Brexit, and I said yesterday evening - or anyway during the night - that it was a second chance, but there wouldn't be a third chance. But the great majority of lawmakers, including most Conservative members of Parliament, will vote against a no-deal Brexit because they believe it would be economically damaging and disruptive.

Cabinet office minister David Lidington told the House of Commons on Monday night that the two sides agreed on a "joint instrument" clarifying the withdrawal deal.

"It complicates the issue, it leaves us with the possibility still of a no-deal Brexit, and uncertainty over politics more generally".

"We note the prime minister's latest statement and update on our European Union exit negotiations", it said.

In a statement the DUP said it would scrutinise the text from Mrs May's meeting "line by line". These publications need careful analysis.



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