Is Chequers Brexit Deal About to be Dumped?

Frederick Owens
September 15, 2018

Such public criticism, a day after former foreign minister Boris Johnson cast her Brexit plans as "a suicide vest" wrapped around the British constitution, indicates how hard it could be for May to get any Brexit deal approved.

Traders say many investors are reluctant to take out big directional bets on sterling because of the uncertainty about where the Brexit negotiations are headed.

The former Tory leader told Newsnight that a meeting with critics would carry the party with them, after a senior fellow Brexiteer warned that Theresa May's Chequers deal could split the party.

Home Secretary Sajid Javid said a Canada-style deal has a "lot to commend it", but it would not address the problem of the Irish border.

"It is clear that the stories about an imminent challenge to Theresa May are still weighing on sentiment and the pound will find it hard to rally too far before more clarity on Brexit emerges", said John Marley at FX risk management specialist SmartCurrencyBusiness.

Mrs May last month hailed her Chequers plan as a document that "delivers on the Brexit people voted for".

But it later rose as MPs within her party said they wanted May to stay in power despite disagreeing with her Brexit proposals. We have to implement the people's demand to leave the European Union but where that leaves the country in the world and the longer-term relationship is an issue that should be shaped by, for and in the spirit of a new generation'.

In a sign the Government remained committed to its plan, he told BBC's Andrew Marr Show: "I think the only deal that we've got on the table, that's the Chequers deal".

Frances O'Grady said the TUC would be prepared to back a public vote if Theresa May's Brexit deal does not deliver for workers
Frances O’Grady said the TUC would back a public vote if Theresa May’s Brexit deal does not deliver for workers

Barnier refused to comment on the divisions in the governing British Conservative Party over Brexit.

Once a deal is reached, it has to go to the United Kingdom parliament and the European Parliament for approval.

Mr Baker, a leading figure in the pro-Brexit Tory European Research Group, said the party's annual conference in Birmingham, starting on September 30, could prove a decisive moment as Mrs May is forced to acknowledge the scale of grassroots opposition to her proposals.

Business groups and civil servants say a "no-deal" Brexit could cause disruption to shipping, barriers to trade with the bloc, a fall in the value of the pound and even shortages of essential goods.

The controversial agreement, which set out a blueprint for the future relationship with the European Union following Brexit, has led to the resignation of then-Brexit Secretary David Davis and Johnson.

The ERG will be unveiling its own alternative plan for tackling the Irish border issue on Wednesday.

A number of MPs told how they had already submitted letters of no confidence to Sir Graham Brady, chairman of the 1922 Committee, and others discussed plans to follow suit.

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