UK Parliament rejects Brexit deal

HSBC
By January 24, 2019 04:01

UK Parliament rejects Brexit deal

The UK Parliament has voted against UK Prime Minister (PM) Theresa May’s Brexit deal outlining terms for the UK’s departure from the European Union (EU). The defeat for PM May was substantial, losing by 432 to 202 votes. A government loss had been expected by many analysts, given concerns voiced by UK Members of Parliament (MPs) over elements of the deal. In particular, this includes opposition to the “backstop” arrangements against a hard border in Ireland if a future trade deal is not agreed during the transition period (scheduled to end in December 2020 at the earliest). This backstop would keep the UK and EU tied in a customs arrangement indefinitely, which critics say could hinder the UK’s ability to strike new trade deals. There are also a number of UK MPs who favour a deal which aligns the UK more closely to the EU, for example remaining in the customs union or single market on a permanent basis, and others who wish to retain full membership of the union. 

HSBC
By January 24, 2019 04:01

SEARCH