- Parliament to Vote on Brexit Final Deal, Pound Gains
The U.K. Prime Minister Theresa May on Tuesday said the U.K. parliament will vote to approve the final Brexit deal as the nation prepare to exit the European Union. Strengthening the Pound Sterling to gain 1.6 percent against the U.S dollar as traders and investors see parliament vote as a positive sign for a better deal.
“The fact that the U.K. Prime Minister Theresa May will put a final Brexit deal to vote in both Houses of Parliament is positive for sterling,” Athanasios Vamvakidis, a London-based strategist at BofAML, said in e-mailed comments. “In order for the parliament to approve it, the deal has to be good.”
However, the Prime Minister made it clear that the United Kingdom does not seek membership of the single market, but trade deals with the European Union.
“We want to be friend with the European Union, but from beyond the border with new allies.”
According to May, the U.K. will be more outward-looking than ever, although they are a European country, but will also be an independent country that travels and trade with other nations and not just the European Union.
“We want to get out to the wider world and do business with countries like China, Australia, New Zealand, etc. This is what the EU agreement prevented us from doing, and as a nation, we will like to make our own trade decisions, including who we deal with.”
On the reason for such decision, the prime minister stated that the Britain place in the European Union came at the expense of its global tie, and go-on to list twelve principles that will govern the U.K. exit deal from the European Union.
Here are the highlights
She promised the U.K. will provide certainty when necessary, but focus on building a stronger United Kingdom with ties and re-establish its position globally.
While, also stating that the nation will build a fairer United Kingdom to continue to attract the brightest talents across the EU and the world at large, but will be open to options on new customs union arrangement and continue to cooperate with the EU on crime and terrorism.
The prime minister promised the Britain will seek to avoid disruptive Brexit cliff-edge during the exit process.
