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Johnson Reaches Brexit Deal, But Opposition Party Unimpressed

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Johnson Reaches Brexit Deal, But Opposition Party Unimpressed

Britain reached a deal to exit the European Union on Thursday, President of the European Commission Jean-Claude Juncker said prior to the commencement of a summit of the Union’s leaders in Brussels.

Juncker said in a letter, which was posted on his official Twitter handle, that his recommendation is for the European Council to endorse the “revised Withdrawal Agreement and Political Declaration.”

Separately, British Prime Minister Boris Johnson confirmed on his official Twitter handle that Britain has secured a “great new deal.” He also called on the Parliament of the United Kingdom to approve the deal on Saturday.

Johnson added that the new Brexit deal “allows us to get Brexit done and leave the EU in two weeks’ time, so we can then focus on the people’s priorities and bring the country back together again.”

However, early reactions suggest that the deal might have a hard time securing the Parliament’s ratification.

The Democratic Unionist Party of Northen Ireland (DUP), which Johnson will need to help get the deal over the line, released a statement saying that it “could not support what is being suggested on customs and consent issues and there is a lack of clarity on VAT.”

Elsewhere, Labour leader Jeremy Corbyn said the Prime Minister’s latest deal is worse than the one former Prime Minister Theresa May negotiated, a deal Corbyn says was “overwhelmingly rejected.”

Following the announcement, the British Pound pound rose more than 1%, and the U.K. stocks rallied, with the FTSE 100 index up nearly 0.6% as of 12:03 p.m London time.

U.K. government photo via Wikimedia

Posted-In: BrexitNews Global Economics Markets Best of Benzinga

 

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