Boris Johnson, Britain’s rather controversial Prime Minister, is running out of options.
Last Friday, a bill to block a no-deal Brexit by October 31st passed the House of Lords. It should now be made law as early as Monday.
The bill proposes that should Johnson fail to secure a deal with the EU by October 19th, he must go and beg for another three-month extension. The PM said he would “rather be dead in a ditch” than be forced to go back to ask for a pointless extension.
Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now.
BoJo Refuses to Abide by Law
The Prime Minister has already made comments refusing to abide by the new law, even if Parliament demands that he do so. BoJo currently wants to ignore the piece of legislation and follow through with his original promise to “leave” Europe by the latest EU-approved deadline. However, that means he is risking jail time.
Dead in a ditch or in prison… Could the UK PM really be this determined?
PM Wants to Win Majority
The truth is that insisting on his aggressive strategy is likely to put him in a better position should he win a general election before October 19th. And that’s what I believe his end goal is. To scrap the law and secure an early election. But will he succeed?
With Ms Rudd’s resignation over the weekend, speculation that other ministers will take a hint increases. Boris has already sacked 21 Torry MPs who voted for an extension and seen his own brother giving up on him. And now, he’s watching his government falling apart around him.
So, Can A Hard-Brexit Still Occur?
Yes! In case the government wins an election before the House of Lords’ deadline, BoJo could carry on exiting without requesting an extension. But Labor refuses to go on a snap election before the PM guarantees that there will be no Brexit without a deal. Remembering Mr. Johnson’s decision to suspend Parliament for five weeks, defying Parliamentarians, an election is highly unlikely!
Irish Breakthrough Nearly Impossible
As the debate continues, the Irish PM has made it clear that the future of the Irish border neither does nor will hang on party-politics or BoJo’s promises. Varadkar also expressed his concerns on whether Johnson can strike a new deal with the EU without having the necessary backing from Parliament and from his own party.
The post UK PM Refuses to Request Approved Extension appeared first on Orbex Forex Trading Blog.
US Auto Loans – Why Traders Should Care About it
A Forex Market Overview eBook by Orbex
USDJPY – Why Should You Care About It?
AUDNZD – Why Should You Care About It?
Fed funds rates – A beginners guide to how the Federal Reserve sets interest rates
Trading in Low Liquidity Conditions
5 Brexit Facts That May Interest Forex Traders
For all Articles related to Orbex please click here