Brexit: Johnson Sends New Exit Proposal to EU

U.K.'s economyThe British flag with an exit sign superimposed on October 19, 2016 in Paris. AFP PHOTO / LIONEL BONAVENTURE
  • 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.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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