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Brexit: Johnson Sends New Exit Proposal to EU

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U.K.'s economy
  • Brexit: Johnson Sends New Exit Proposal to EU

The United Kingdom Prime Minister, Boris Johnson on Wednesday sent the European Union a new exit blueprint.

In the new proposal, the Prime Minister planned to replace the contentious “backstop” arrangement for the Irish border. However, Northern Ireland will have the ultimate say over the arrangements and vote every four years to approve its continuation.

While Johnson threatened to walk away if the European Union refused to engage, Jean-Claude Juncker, President, European Commission, said the proposal has “problematic points”.

Leo Varadkar, Irish Prime Minister, does not see how the new proposal will replace the backstop.

He said the new proposal “do not fully meet the agreed objectives of the backstop,” Irish Prime Minister Leo Varadkar said in a statement after speaking to Johnson by phone. Varadkar though did not dismiss them out of hand, adding he “would study them in further detail” and consult with the EU. Both men agreed to speak again next week, he said. Varadkar expects to speak to European Council President Donald Tusk, European Commission President Jean-Claude Juncker, and other EU leaders “over the coming days.”

European Union’s chief negotiator, Michel Barnier, however, sees progress in the new proposal despite agreeing it needs adjustments to ensure no harder border and to protect the European Single Market.

“To be frank lots of work still needs to be done,” Barnier told reporters in Brussels. “No-deal will never be the choice of the EU,” he said, adding that talks would continue with the U.K.

On Thursday, Boris Johnson will start working on winning support in Parliament for the new proposal.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Government

Rishi Sunak Announces Resignation Amid Labour’s Sweeping Victory

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Rishi Sunak

Prime Minister Rishi Sunak has announced his resignation as the leader of the Conservative Party following a historic victory by Labour in the general election.

Addressing the nation from the steps of 10 Downing Street, Sunak expressed his deep regret and took full responsibility for the party’s defeat.

“I would like to say, first and foremost, I am sorry. I have given this job my all,” Sunak began, visibly moved.

“But you have sent a clear signal that the government of the United Kingdom must change. And yours is the only judgement that matters. I have heard your anger, your disappointment, and I take responsibility for this loss.”

The Conservatives experienced a staggering loss, with more seats taken by Labour than in any previous election.

This shift marked a dramatic change in the political landscape, as large swathes of the country turned red. Sir Keir Starmer, leader of the Labour Party, claimed victory early Friday morning, addressing a jubilant crowd of supporters.

“The UK has the opportunity after 14 years to get its future back,” Starmer proclaimed.

Sunak, who retained his seat in Richmond, North Yorkshire, described the night as “sobering.”

In his concession, he stated, “The Labour Party has won this general election, and I have called Sir Keir Starmer to congratulate him on his victory. The British people have delivered a sobering verdict tonight; there is much to learn, and I take responsibility for the loss.”

Following his resignation speech, Sunak and his wife, Akshata, departed from Downing Street for Buckingham Palace to formally tender his resignation to King Charles III.

A spokesperson for the King confirmed, “His Majesty was graciously pleased to accept.”

Reflecting on his tenure, Sunak said, “I am honoured to have been your prime minister. This is the best country in the world.”

He also acknowledged the many Conservative MPs who lost their seats, stating, “It pains me to think how many good colleagues who contributed so much to their communities and our country will now no longer sit in the House of Commons. I thank them for their hard work and their service.”

As the Conservative Party faces a period of introspection and rebuilding, Sunak emphasized the importance of the party’s role in opposition.

“It is important that the Conservative Party now rebuilds and also takes up its crucial role in opposition, professionally and effectively,” he noted.

The leadership race within the Conservative Party is expected to commence shortly, as the party seeks to navigate its path forward after this significant electoral defeat.

For now, the UK braces for a new political era under Labour’s leadership, with the promise of significant changes on the horizon.

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Trump’s Immunity Claim Partially Upheld by Supreme Court, Trial Postponed

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The U.S. Supreme Court ruled that former President Donald Trump possesses partial immunity from criminal charges related to his attempts to overturn the 2020 election results.

The ruling, which splits along ideological lines with a 6-3 vote, represents a significant legal victory for Trump, effectively ensuring that a trial will not occur before the November 2024 election.

The Court found that the federal appeals court was too dismissive of Trump’s immunity arguments.

For the first time, the Supreme Court acknowledged that former presidents could be shielded from prosecution for certain official acts carried out while in office.

Chief Justice John Roberts, writing for the majority, explained that “The president is not above the law. But Congress may not criminalize the president’s conduct in carrying out the responsibilities of the Executive Branch under the Constitution.”

The ruling did not go so far as to dismiss the indictment altogether, as Trump had hoped.

However, the decision’s timing is pivotal as it narrows the opportunity for Special Counsel Jack Smith to bring Trump before a jury in Washington, D.C., before the November 5 election.

The ruling now returns the case to the lower courts to determine which specific allegations are protected under the presidential immunity doctrine.

This process will likely extend beyond the election, leaving Trump facing only one of four criminal cases against him before voters head to the polls.

Trump was previously convicted in a New York state court on May 30 for falsifying business records to cover up a hush money payment to adult film actress Stormy Daniels prior to the 2016 election.

His Washington trial, related to efforts to overturn the 2020 election, has been on hold pending the Supreme Court’s decision on his immunity claim.

The dissenting opinion, penned by Justices Sonia Sotomayor, Elena Kagan, and Ketanji Brown Jackson, criticized the majority for granting such broad immunity.

They argued that the decision undermines the principle that no one, including the president, is above the law.

The decision underscores the ongoing legal battles facing Trump as he campaigns for the 2024 presidential election.

While this ruling may provide a temporary respite, it also raises critical questions about the extent of legal protections afforded to former presidents and the balance of power within the U.S. government.

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Macron’s Alliance and Left-Wing Bloc Consider Strategy to Block Far-Right Surge

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Emmanuel Macron

President Emmanuel Macron’s centrist alliance and the left-wing New Popular Front are contemplating strategic withdrawals of their candidates to prevent the far-right National Rally from gaining power.

Marine Le Pen’s National Rally secured a surprising 33.2% of the vote, according to interior ministry figures, outpacing both the New Popular Front’s 28% and Macron’s coalition, which garnered 20.8%.

This result has sent shockwaves through the French political landscape, heightening fears of a far-right ascendance.

“The lesson of today is that the far right is at the gates of power,” French Prime Minister Gabriel Attal told supporters on Sunday night. “Our objective is clear: to prevent the National Rally from having an absolute majority.”

A decisive victory in the second round would enable National Rally President Jordan Bardella to claim the premiership, granting the party significant legislative power.

Traditionally, France’s mainstream parties have united to keep the far right out of government.

The financial markets responded with cautious optimism after the National Rally’s smaller-than-expected margin of victory.

Futures on France’s CAC 40 index surged almost 3% at the opening bell, while the euro gained 0.5%, marking its largest intraday increase in over two weeks.

However, the political uncertainty has led to fluctuating yields on French bonds, reflecting investor unease.

In over half of the 577 constituencies, three candidates qualified for the runoffs. In these cases, the third-placed candidate can withdraw to bolster the chances of another mainstream party defeating the National Rally.

The deadline for such withdrawals is 6 p.m. on Tuesday, leaving party leaders in a frantic race to form alliances.

Jean-Luc Mélenchon, leader of the New Popular Front, an alliance of left-wing parties, announced his intention to encourage third-placed candidates from his group to withdraw in favor of a united front against the far right.

President Macron echoed this sentiment, calling for a “broad, clearly democratic and republican alliance for the second round.”

However, the situation is complicated. Mélenchon’s France Unbowed has proposed policies that conflict with European Union budget rules, potentially unsettling investors.

This has made it unclear whether Macron’s Renaissance party will withdraw in constituencies where the far left would benefit.

In a gesture toward building alliances with the left, Prime Minister Attal announced the suspension of an unpopular unemployment insurance reform on Sunday evening.

The government had argued that the changes would incentivize employment, but opposition parties criticized the timing, given rising joblessness.

Although Macron’s presidency itself is not at risk — and he has stated he has no plans to resign — the election results indicate he will either have to share governing responsibilities with the National Rally or navigate a gridlocked parliament.

The National Rally opposes many of Macron’s key initiatives, including migration policy, pension reform, and EU integration.

Market analysts suggest that while investors prefer gridlock over a far-right government, any credible alliances to block Le Pen from absolute power could restore some stability to French markets.

“A hung parliament could make it hard to get anything done in France, which is exactly what the markets would like,” said Kathleen Brooks, research director at XTB.

As the political landscape evolves rapidly, the coming days will be crucial in determining France’s legislative future and the broader implications for European politics.

The nation watches closely as Macron and Mélenchon’s parties deliberate their next moves to counter the far-right surge.

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