This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
European Commission President Jean-Claude Juncker made it clear to the Theresa May that the EU will not renegotiate her Brexit deal after she pulled a vote in parliament over fears that British MPs would not support it in its current form.
Juncker stressed that there is ‘no room whatsoever’ to make any amendments to the withdrawal agreement, during a recent meeting of MEPs in Strasburg.
No budging on Irish backstop
During the meeting, Juncker went on to say that the EU was willing provide greater clarity over the Irish backstop plan to stop a hard border between Northern Ireland and the Irish Republic forming post-Brexit.
But the president of the European Commission reiterated that despite its willingness to take steps to keep stability in Ireland, there would be no change to the legally binding text of the deal.
‘The deal we achieved is the best deal possible, it is the only deal possible,’ Juncker said. ‘There is no room whatsoever for renegotiation.’
‘Everyone has to know that reopening the withdrawal agreement will not happen,’ he added. ‘Ireland will never be left alone.’
Opposition leaders grow tired of May
The Labour party was awarded an emergency debate to challenge May’s decision to pull the parliamentary vote on her Brexit deal at the eleventh hour, after its leader Jeremy Corbyn accused her of showing ‘contempt for parliament’ in a joint letter to the prime minister.
The letter was signed by opposition leaders including Scottish National party’s Westminster leader Ian Blackford, Liberal Democrat leader Sir Vince Cable, Plaid Cymru’s Liz Saville Roberts and co-leader of the Greens, Caroline Lucas.
‘You admitted in the House that you are running from a heavy defeat on your deal in the House of Commons,’ the letter said.
‘It cannot be right that the government can unilaterally alter the arrangements, once this House has agreed on a timetable, without the House being given the opportunity to express its will.’