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EU Agrees to Theresa May’s Draft Brexit Deal

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  • EU Agrees to Theresa May’s Draft Brexit Deal

The European Union on Sunday agreed to the UK’s draft Brexit agreement, saying it is the best and only deal possible.

Prime Minister Theresa May and her team have pushed for a workable deal between the European Union and her country the United Kingdom in the last 20 months.

Despite rising oppositions, even from her own conservative party, the prime minister believes the agreed draft deal will deliver for the British people and set the nation on course for a prosperous future.

Speaking in Brussels on Sunday, the Prime Minister urged the nation to unite and support the agreement, explaining that the nation “do not want to spend any more time arguing about Brexit.”

European Council President, Donald Tusk, who broke the news on Twitter, said the 27-member union has endorsed the Withdrawal Agreement.

“EU27 has endorsed the Withdrawal Agreement and Political Declaration on the future EU-UK relations,” said Tusk.

European Commission President Jean-Claude Juncker, however, warned that anyone in the United Kingdom that thinks the European Union will offer a better deal than the agreed withdrawal if MPs rejected the agreement would be disappointed.

While UK Parliament is expected to vote on the deal on December 12, its approval is far from guaranteed.

Presently, Labour, the Lib Dems, the SNP, the DUP and many Conservatives MPs are not hiding their disagreement and likely to vote against the deal.

The Minister appealed to the British public to get behind the agreement after it was approved by the EU leaders in Brussel.

Theresa May will now need to convince the MPs in the UK parliament to support the agreement.

Possible Rejection

A rejection of the Withdrawal Agreement could lead to a number of things, including the UK leaving the European Union without a deal or an attempt to renegotiate the agreement which the European Union may turn down and force the UK to conduct another general election on Brexit.

Jeremy Hunt, Foreign Secretary, warned nothing could be ruled out if the Prime Minister lost the parliamentary vote, according to him this may even collapse the government.

Jeremy Corbyn, labour leader, called the Withdrawal Agreement “the worst of all worlds” and said his party would oppose it but work with others to block a no deal outcome while fighting for a reasonable deal.

Iain Duncan Smith said he would find it “very, very difficult” to support the agreement as it stood.

“I don’t believe that, so far, this deal delivers on what the British people really voted for,” he told Sky’s Sophy Ridge show. “I think it has ceded too much control.”

A rejection would plunge the British pound across the board and weighed on the Euro common currency as investors are expected to jump on haven assets to curb risk exposure.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.