EU refuses to budge on Irish backstop
The European Union has told British Prime Minister Theresa May that it will not make any concessions over the Irish border, despite it being crucial to garnering support for her deal from Eurosceptic MPs.
The European Union has made it clear to Theresa May as she attempts to break the Brexit deadlock in parliament that it will not renegotiate the Irish backstop, even though it is crucial for her to get the deal passed by Eurosceptic MPs.
There is now less than nine weeks until the UK is due to bail out of the bloc, with no agreement on the terms of its departure from the EU yet ratified by MPs in parliament, after the House of Commons rejected May’s Brexit deal earlier this month.
Irish backstop concessions crucial to appease Conservative rebels
After May had her Brexit deal defeated by the largest margin since the 1920s earlier this month, the root cause behind her lack of support centred around the Irish backstop, with many pro-Brexit Conservative rebels concerned it would leave Britain in the EU custom unions indefinitely.
In reaction to this, May has returned to Brussels ahead of a crucial parliament vote aimed at breaking the Brexit deadlock and asked EU officials to drop the backstop and replace it with something more palatable to MPs.
Irish backstop component non-negotiable, EU says
But despite the prime minister’s pleas, Ireland and the EU Commission on Monday reiterated that the backstop component is not open for renegotiation.
‘The European Parliament will not ratify a withdrawal agreement that doesn’t have a backstop in it, it’s as simple as that,’ Ireland’s Deputy Prime Minister Simon Coveney told the BBC.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Trading around Brexit
Find out how the UK’s exit from the EU continues to affect traders, and discover:
- The unique opportunities in a ‘hard’ and ‘soft’ Brexit
- The markets you should be watching
- Everything that’s happened so far
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
