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.

No Brexit Breakthrough In Cross-Party Talks

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.

For a number of weeks now, senior figures in the government have been in discussion with their Labour opposite numbers, led by the shadow Brexit Secretary, Sir Kier Starmer. Whilst the talks have always been described as “frank, serious and detailed” virtually nobody actually expected them to deliver a deal that even the negotiators could back, let alone their respective wider parties.

On the Labour side, there was considerable agitation that any deal would make the party the “hand maiden” of a disastrous Tory Brexit. Others argued that the deal on offer (May’s EU withdrawal deal) was so far removed from the promises made by the winning side and the risks exposed underlying Brexit itself so great that any deal must be subject to a confirmatory offer – their “red line”. There are some in Labour ranks that believe that being seen to back either a confirmatory vote or a People’s Vote (second referendum) would be seen by their voters as a betrayal of the original decision to leave. The Labour negotiating team demanded that the UK should remain permanently in a/the customs union with the EU as their price for supporting any deal and sought environmental and workers rights guarantees that the UK would continue to match EU standards.

On the Conservative side, many in the ERG were adamant that no deal could be approved which contained the Northern Ireland backstop (an absolute requirement from the EU). They quailed at the prospect of any deal with Labour under their left-wing leader, Jeremy Corbyn. The Brexiters in the party argued that any permanent membership of a/the customs union would preclude the UK’s signing its own trade deals around the world – a major advantage that they claimed for the Brexit project in the first place (it is also believed that many on the right of the party see Brexit as a chance to row back on certain standards and protections, letting market forces set these).

The end of the talks, without any breakthrough, looks imminent. Unsurprisingly, neither side was prepared to compromise on what they saw were the critical issues for them.

May intends to re-introduce a withdrawal bill to the Commons in the week of 3rd June. Cabinet ministers have suggested that if it is rejected again (assuming the speaker allows it to be called for a second time, of course…) then parliament would be faced with two options: a no deal Brexit or to revoke the UK’s article 50 notification and remain in the EU. Frankly, this is the situation which has faced the country since December 2018 when May pulled the original vote on the EU Withdrawal Bill because she knew it lacked enough support to pass.

If the Withdrawal Bill is again rejected by parliament, it is understood that Mrs May will resign as Prime Minister, triggering a leadership contest in her party.

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