CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Theresa May asks EU for Brexit extension to June 30

The British Prime Minister has asked officials in Brussels for a Brexit extension, but is hoping to leave the bloc with a deal before European elections begin at the end of May.

Theresa May has written to the European Council President Donald Tusk asking for the Brexit deadline to be pushed back to June 30, with the prime minister aiming to leave the bloc before European elections at the end of May.

As it stands, the UK is set to leave the EU in a week, but May is desperate for more time to break the Brexit deadlock after her withdrawal agreement was defeated in parliament for a third time.

Theresa May hopes to leave before EU elections

The British Prime Minister has asked for a long extension in the hopes of delivering an orderly Brexit, but she does so at the risk of having to hold elections for the European parliament if she is unable to secure a deal before May 26.

May has said that the UK will prepare for EU elections regardless but is hopeful that she can break the Brexit deadlock in parliament before then.

‘The government will want to agree a timetable for ratification that allows the United Kingdom to withdraw from the European Union before 23 May 2019 and therefore cancel the European Parliament elections, but will continue to make responsible preparations to hold the elections should this not prove possible,’ May said.

EU leaders likely to grant Britain a flexible extension to Article 50

The President of the EU Council Donald Tusk had recommended that the UK request a year-long flexible extension to Article 50, with the option to leave earlier if necessary. However, the prime minister believes she can break the Brexit impasse sooner.

Either way, it looks likely that that EU leaders will grant May the extension that she has requested, giving her more time to reach a consensus with opposition leader Jeremy Corbyn on Britain’s future relationship with the EU.

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