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.

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.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. 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, and 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.

Please see important Research Disclaimer.

European Central Bank meeting

Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement on 24 October 2019.

  • How might the next meeting affect the markets?
  • What are the key rate decisions to watch?
  • Why is the Governing Council announcement important for traders?

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sell
Buy
Updated
Change

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
China 300
-
-
-
-

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.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

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.