The European Union is preparing to offer the United Kingdom a three-month extension, until January 31, 2020 with the option of leaving earlier if an acceptable Brexit deal is reached within that period of time.
The extension, which was supposed to be granted last Friday, has been opposed by France, however, it seems that the European Commission President Donald Tusk was able to convince the French since Tusk himself recently announced on his twitter account that the EU agreed.
"The EU has agreed that it will accept the UK's request for a Brexit flextension until 31 January 2020," said Tusk on his twitter account, "The decision is expected to be formalized through a written procedure," he added.
According to a declaration attached to a draft of the agreement that is available, the European Union is not willing to renegotiate the Brexit Agreement, leaving out the problem to the UK government, which has been unsuccessful in getting this agreement approved by the British Parliament.
This is the third time the Brexit is delayed. The first two ones were granted under Theresa May's tenure.
British MPs are voting on Johnson's early election call.
The British Parliament members are voting on Boris Johnson's call for an election on December 12, however, it seems unlikely that his proposal will be favored by the majority of the British parliament, as the opposition parties are against it.
Some parties in the opposition (particularly the Liberal Democrats and the SNP), instead, are pushing for an election on December 9, provided that the EU grants an extension. This move has been highly criticized by some Labour MPs.
"What we've seen from the Liberal Democrats and the SNP is trying to shape the terms of that election in a way that would favor them the most. It's pure playing of politics," told Labour's Lucy Powell to the BBC.
The British MPs are expected to vote for this issue after 17:00 GMT.
By 10:32 GMT the British Pound went up 0.08 percent against the US dollar, while conversely, it went up against the Japanese Yen and the Swiss Franc, gaining 0.12 percent and 0.16 percent respectively.