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.


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. See full non-independent research disclaimer and quarterly summary.

Trading around Brexit

As we fast approach 31 October, find out how the UK’s exit from the EU continues to affect traders, and discover:

  • How you can profit from Brexit
  • The markets you should be watching
  • Brexit trading strategies for key assets

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Bid
Offer
-
-
China 300
-
-

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

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets 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 spread betting and CFDs.

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

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.