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May's Accord Still Stronger Than Alternatives

By Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.

The British parliament voting session on Monday night proved that beating the premier's accord is easier than backing an alternative.

A proposal that aims to keep England inside the European economic framework was supported by the Labor Party and moderate members of the conservative camp, as the labor leaders commanded their members to vote for an initiative called Common Market 2.0, better known as "Norway Plus" which proposes for Britain a relationship with the EU based on the Norwegian experience.

A moderate conservative group proposed keeping England inside a free trade zone with the EU, Norway, Iceland, and Liechtenstein but it was rejected in the house of commons as the Eurosceptic block reacted negatively to the possibility of keeping the United Kingdom inside a customs union, deepening the already existent rift in the conservative camp.

“I accept I have failed. I have failed chiefly because my party refuses to compromise. I regret therefore to announce I can no longer sit for this party," said Boles afterward

Another alternative that was backed by the parliament, besides the soft Brexit, is a second referendum, which has been described in the past as a problematic option since it would damage the British government reputation. This shows the labor party own internal rift since Corbyn has been pushing the moderate conservative proposal.

"In line with our policy, we’re supporting motions to keep options on the table to prevent a damaging Tory deal or no deal, build consensus across the House to break the deadlock and deliver an outcome that can work for the whole country,” said a labor party spokesman.

May's plan, despite being rejected three times, still has more backing than its alternatives, giving her a slight victory in the session. However, she still has little room for maneuver since she has to choose between asking for a larger extension or just waiting for April 12th and leaving the union without a deal.

Sara Patterson
About Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.
 

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