A Brexit Deal May have Been Reached, but There’s No Support

by | Oct 17, 2019 | Markets

Well, that was fast.

Hours after the UK and European Union reached a Brexit deal, they’re realizing it doesn’t have a whole lot of support. 

Even as European Commission President Jean-Claude Juncker tweeted, “Where there is a will, there is a deal – we have one!  It’s a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions.”

And even after UK Prime Minister Boris Johnson tweeted, “We’ve got a great new deal that takes back control — now Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment.”

However, many are realizing there’s not a lot of support for it.

Encouraging, isn’t it?

Jeremy Corbyn, leader of the Labour Party just noted, “From what we know, it seems the Prime Minister has negotiated an even worse deal than Theresa May’s, which was overwhelmingly rejected.  These proposals risk triggering a race to the bottom on rights and protections: putting food safety at risk, cutting environmental standards and workers’ rights, and opening up our NHS to a takeover by US private corporations.”

“This sell out deal won’t bring the country together and should be rejected,” he added.  

Then, the Northern Irish Democratic Unionist Party said it cannot support the deal.  “These proposals are not, in our view, beneficial to the economic well-being of Northern Ireland and they undermine the integrity of the Union,” as quoted by the BBC.

What’s in the Deal?

At the moment, much is the same from the one Theresa May was part of last year.  However, there is a change to the Northern Ireland proposal.

The UK will abide by UK rules until the end of 2020, perhaps longer to allow businesses to readjust to changes.  The UK will pay a $39 billion bill to divorce itself. And the rights on EU citizens residing in the UK, and UK citizens residing in the EU will be guaranteed.

Again, the big change here is Northern Ireland.

As part of the deal,  Northern Ireland will stay a part of the UK customs territory, and would be an entry point into the EU’s single market, says CNBC.  In addition, there will be no regulatory or customs checks at the border between the Republic of Ireland and Northern Ireland. 

Stay tuned for more on this developing story.