Palpable Risk of a No-deal Brexit – 18 September 2019

The European Commission President Jean-Claude Juncker said that there is a “palpable risk” of a no-deal outcome when discussing the Brexit during a debate in the European Parliament.

When referring to the talks he held with Britain’s Prime Minister he said that they were “friendly, constructive and – in part – positive,” though he doesn’t think the British have provided a feasible and concrete solution to the Irish Backstop Issue

“I invited the Prime minister to make concrete, operational, textual proposals on alternative ways in which backstop goals can be met,” said Juncker.

In a speech that followed Juncker’s, The EU’s Chief Negotiator Michel Barnier highlighted this lack of an alternative proposal and urged the British team to provide a functional solution.

“The UK government has outlined aspects of the backstop it doesn’t like,” he said, “That is not enough. We need a legally operable solution. We are open to any proposal and will work day and night,” he added.

Despite a no-deal exit is not on Brussel’s interests, the EU leadership insists on keeping the Irish Backstop clause on the Brexit deal between the EU and Britain. However, this deal didn’t found favor among the majority British MPs, especially among those members who are euro-skeptics, since its approval would mean that Northern Ireland, therefore Britain, would have to comply with the Eurozone’s customs union standards.

Juncker told that he is not particularly attached to the Irish Backstop clause, though he is not committed to the British government’s pretention either.

Joining the discussion, the European Union Parliament’s Brexit coordinator Guy Verhofstadt said that Johnson likes to compare himself to movie characters, as Johnson likens the UK to the Incredible Hulk breaking free of the Union.

“Concerning citizens’ rights – instead of playing the angry Hulk, I think he should inspire himself by another character – the caring nanny in the film of Mrs. Doubtfire,” he said.

Johnson sticks to “Do or Die”

Despite Brussels is signaling that the negotiations between Britain and the European Union are essentially stalled, Johnson insists on leaving the union by October 31 and is confident that an acceptable deal for both parts will be reached.

“It’s time to get Brexit done and get on with delivering on Britain’s priorities: safer streets, better hospitals, and improved schools,” he posted on his Twitter account.

Johnson’s government is currently pushing for a four-part plan that would solve the Irish hard border issue, making it acceptable for Brussels and the Irish Taoiseach Leo Varadkar.

This deal would imply an agricultural union between the Republic of Ireland and Northern Ireland, in order to ensure that Northern Ireland’s agricultural produce complies with the European Union’s standards. It would also imply that the goods standards checks would take place in a place far from the border and a lack of a customs union between Northern Ireland (or the UK) and the European Union.

The most controversial point of this new deal is that, if approved, would give Northern Ireland citizens the right to terminate the deal at any moment, a point that is essential for Downing Street and that could be rejected by Brussels even if the Taoiseach agrees with it.

By 8:57 GMT the GBP/USD pair was at 1.2448, falling 0.42 percent, while the GBP/EUR was down by 0.14 percent at 1.1272 followed by the GBP/JPY which was at 134.72, losing 0.31 percent.

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