Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

UK To Ask For Brexit Extension

By Dr. Mike Campbell
Dr. Mike Campbell is a British scientist and freelance writer. Mike got his doctorate in Ghent, Belgium and has worked in Belgium, France, Monaco and Austria since leaving the UK. As a writer, he specialises in business, science, medicine and environmental subjects.

Following the rejection, for a second time, of the EU Withdrawal Bill and a decision that parliament does not wish to leave the EU without a deal in place, yesterday’s Brexit drama centred on the question of whether or not to seek an extension of the Article 50 notice period beyond its two-year limit (which expires on 29th March 2019).

The Brexit faithful in parliament still favour crashing out of the EU with no deal, but they were plainly in a minority. The main government motion (on a free vote for their MPs) was passed with 413 votes in favour and 202 opposed. Despite the fact it was a free vote, many have seized on the fact that seven cabinet ministers voted against the government. Strikingly, amongst the seven was Steven Barclay, the Brexit minister, who closed the debate for the government, asking MPs to back the motion and then voting against it himself.

An amendment which would have seen parliament take more control of the Brexit process failed to pass by just two votes.

May plainly intends to present the withdrawal bill for a third time next week, despite the fact that that would seem to be a breach of parliamentary rules that say a bill that has been submitted and voted on cannot be re-presented in the same parliamentary session unless it has been substantially changed. It remains to be seen if a challenge on these grounds will be launched if the bill does return next week.

Should the withdrawal bill pass, the government will ask the EU for a short Brexit extension until June. If it doesn’t pass, then a longer extension would be required (potentially 21 months) and the government thinks that British candidates would need to stand for May’s European Parliamentary elections.

Signals from the EU are mixed. It seems that there is an appetite to extend A50 notice, but only in certain situations. The most pertinent of these is that there must be a clear purpose to the extension period. Some suggest that any extension must be short, others argue that the extension must be long enough to allow the UK to sort the mess it has got itself into out. Any prolongation would require the unanimous approval of EU states, should this not happen the UK would crash out to no deal and no transition on 29/3/19. The only control the UK would have in such a circumstance would be to rescind its notice under Article 50 of the Lisbon Treaty and remain as an EU member state. This would be the logical conclusion of the votes passed in parliament this week, should an extension be denied.

Dr. Mike Campbell
About Dr. Mike Campbell
Dr. Mike Campbell is a British scientist and freelance writer. Mike got his doctorate in Ghent, Belgium and has worked in Belgium, France, Monaco and Austria since leaving the UK. As a writer, he specialises in business, science, medicine and environmental subjects.
 

Most Visited Forex Broker Reviews