Brussels rejects May’s plans to renegotiate Irish backstop

The EU's chief negotiator Michel Barnier has snubbed Theresa May’s request to renegotiate the Irish backstop plan and urged her to focus on securing cross-party support for Brexit by adopting a closer relationship with the Europe.

UK Prime Minister Theresa May Source: Bloomberg

Michel Barnier has told Theresa May that it is not possible to renegotiate the Irish backstop plan to avoid a hard border in Ireland and that she should instead focus on garnering cross-party support for a Brexit deal by opting for a softer exit.

His sentiments have scuppered the British prime minister’s plan to appeal to rebel Conservative and Democratic Unionist Party (DUP) MPs who believe the Irish backstop will leave the UK stuck in the customs union indefinitely.

EU urges May to reopen cross-party talks

Barnier believes that closer ties between the UK and EU will ensure opposition party leaders in Britain will lead to May’s deal being approved in the House of Commons.

‘This debate is much more now on the future relationship between the EU and the UK,’ Barnier said. ‘It’s now for the UK leaders to build this stable and political majority for a deal.’

‘We are waiting for the next steps and are ready to work again on the political declaration,’ he added.

The German economic minister Peter Altmaier shared similar sentiments to the EU’s chief negotiator, taking to Twitter to urge a reopening of cross-party talks to break the Brexit deadlock.

‘Sympathy, patience and readiness to wait until the UK’s position will be clarified are of utmost importance to avoid the worst,’ he tweeted. ‘They should not be misused for party politics. Large majority wants to exclude hard Brexit – in the interest of the UK and beyond.’

MPs propose rival Brexit plans

There is significant opposition for May’s Brexit deal in the House of Commons, with Labour party MPs proposing amendments, including a prevention of a no-deal exit and an extension of the March 29 deadline.

Labour leader Jeremy Corbyn believes that the amendment will end the Brexit deadlock and prevent the ‘chaos’ of bailing out of the bloc without a deal.

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
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.


IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Please see important Research Disclaimer.