Published: Wed, November 14, 2018
Finance | By Cynthia Curry

United Kingdom announces draft Brexit deal with European Union as opponents cry foul

United Kingdom announces draft Brexit deal with European Union as opponents cry foul

Lawmakers say they will vote against the deal.

Cabinet ministers called to Downing Street to read draft Brexit documents. At the moment, the pair is trading at 1.2950, still up 0.8%, or a little over 100 pips, on the day.

The draft agreement is thought to involve a customs union remaining between the United Kingdom and the EU, with some special arrangements in Northern Ireland to prevent a border with the Republic being necessary.

It is unclear when parliament might vote on a deal.

Boris Johnson, pro-Brexit Conservative MP and former United Kingdom foreign secretary, said the deal is "just about as bad as it could possibly be".

Britain wants to seal a deal soon, so Parliament has time to vote on it before the United Kingdom leaves the bloc on March 29.

"Cabinet will meet at 2:00 pm (1400 GMT) tomorrow to consider the draft agreement the negotiating teams have reached in Brussels, and to decide on next steps", it said. On the downside, supports are located at 1.2930 (20-DMA), 1.2850 (daily low) and 1.2775 (Oct. 26 low).

Brexit will pitch the world's fifth largest economy into the unknown and many fear it will serve to divide the West as it grapples with both the unconventional presidency of Donald Trump and growing assertiveness from Russian Federation and China.

He said the deal was a "failure to deliver on Brexit" and made it hard to "trust anything that comes out of Downing Street" again.

The EU has set a deadline for the end of play on Wednesday for May to agree on a deal.

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Lidington, who voted to stay in the European Union in the 2016 referendum, declined to say whether the proposed deal would make the United Kingdom wealthier or poorer, saying that the people had chose to leave the EU.

"We also discussed a number of issues related to our no-deal planning".

The E.U. wants to get agreement on a draft deal by the end of Wednesday at the latest if there is to be a summit this month to approve it.

"No one should be surprised that we vote against it because we have warned the prime minister time and time again that we entered into an agreement with her to deliver Brexit", the DUP's Brexit spokesman Sammy Wilson told Sky News.

Her compromise plan, which seeks to maintain close trade ties with the European Union in the future, faces opposition from Brexiteers, pro-Europeans, the Northern Irish party that props up her government, and even some of her own ministers.

The analysis assumes that no deal would mean increased customs, tariffs and regulatory costs on trade between Northern Ireland and the EU.

For now, whether or not there is a deal relies on volatile British politics, and the outcome is hard to predict.

By seeking to leave the European Union while preserving the closest possible ties, May's compromise plan has upset Brexiteers, pro-Europeans, Scottish nationalists, the Northern Irish party that props up her government, and some of her own ministers.

May said her first trade mission after Brexit would be to the Asia Pacific region as she wants Britain to strike trade deals with the fastest growing economies outside of Europe.

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