EU preparing Brexit delay until July - The Guardian

Joshua Gibson FXStreet

According to reporting by The Guardian, European Council President Donald Tusk is preparing to offer a Brexit extension to Britain until at least July, pending a formal request for a delay.

Key quotes

The country’s 29 March deadline for exiting the EU is now regarded by Brussels as highly unlikely to be met given the domestic opposition facing the prime minister and it is expecting a request from London to extend article 50 in the coming weeks.

A “technical” extension until July is a probable first step to give May extra time to revise and ratify the current deal once Downing Street has a clear idea as to what will command a majority in the Commons.

Senior EU sources said that a further, lengthier extension could be offered at a later date should a general election or second referendum be called although the upcoming May elections for the European parliament would create complications.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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