German foreign minister says EU open to talks it Brexit deal rejected
Brussels is willing to renew talks with the UK if MPs vote down Theresa May’s Brexit deal, Germany’s foreign minister told reporters on Tuesday ahead of a crucial vote in parliament.
Talking to reporters at the European Parliament on Tuesday, German Foreign Minister Heiko Maas said that Brussels is open to renewing talks with the UK if MPs reject UK prime minister Theresa May’s Brexit deal in parliament on Tuesday evening.
However, he stressed that EU officials are unlikely to agree to major concessions or accept significant changes to the deal currently on the table.
‘The agreement stands, as it is,’ he said. ‘I doubt very much that the agreement can be fundamentally reopened. If there were a better solution, it would already have been put forward.’
Germany hopes British MPs accepts Brexit deal
The German foreign minister also said that he hopes British MPs will vote for May’s Brexit deal on Tuesday evening, believing that it is the best option for the UK to leave the EU and ensure minimal damage is sustained to its economy.
But reiterated that ‘if it goes wrong tonight, there could be further talks’.
His sentiments offer May a second chance in the increasingly likely event that her deal is shot down, with the UK prime minister looking to return to Brussels in the hope of secruing further concessions from the EU to get her withdrawal agreement over the line.
German recession fears grow
Germany has remained a strong ally to Britain during throughout the Brexit process, with its Chancellor Angela Merkel eager to support a smooth exit to ensure minimal impact to the UK and eurozone economies at a time when both shows signs of slowing.
German industrial output has fallen 1.9% in November for the third consecutive month, according to data released by the Federal Statistics Office on Tuesday.
The news adds weight to the argument that Europe’s second largest economy could slip into a recession as trade tensions between the US and China, Brexit and a global economy in decline begin to take its toll.
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.
Trading around Brexit
Find out how the UK’s exit from the EU continues to affect traders, and discover:
- The unique opportunities in a ‘hard’ and ‘soft’ Brexit
- The markets you should be watching
- Everything that’s happened so far
Live prices on most popular markets
- Forex
- Shares
- Indices
