Ireland is adequately prepared for a disorderly Brexit, finance minister says

Ireland is adequately prepared for a disorderly Brexit, finance minister says7 Hours AgoThe U.K.’s recently-granted Brexit extension is seen as a positive development in Ireland, but the government is encouraging Irish companies to make all necessary preparations to cope with a potential disorderly Brexit, Irish Finance Minister Paschal Donohoe told CNBC’s Joumanna Bercetche during the IMF Spring Meetings in Washington, D.C.


Ireland is adequately prepared for a disorderly Brexit, finance minister says7 Hours AgoThe U.K.’s recently-granted Brexit extension is seen as a positive development in Ireland, but the government is encouraging Irish companies to make all necessary preparations to cope with a potential disorderly Brexit, Irish Finance Minister Paschal Donohoe told CNBC’s Joumanna Bercetche during the IMF Spring Meetings in Washington, D.C.
Ireland is adequately prepared for a disorderly Brexit, finance minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: niall carson, pa images, getty images
Keywords: news, cnbc, companies, prepared, minister, brexit, told, ireland, adequately, spring, uks, washington, finance, disorderly, irish


Ireland is adequately prepared for a disorderly Brexit, finance minister says

Ireland is adequately prepared for a disorderly Brexit, finance minister says

7 Hours Ago

The U.K.’s recently-granted Brexit extension is seen as a positive development in Ireland, but the government is encouraging Irish companies to make all necessary preparations to cope with a potential disorderly Brexit, Irish Finance Minister Paschal Donohoe told CNBC’s Joumanna Bercetche during the IMF Spring Meetings in Washington, D.C.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: niall carson, pa images, getty images
Keywords: news, cnbc, companies, prepared, minister, brexit, told, ireland, adequately, spring, uks, washington, finance, disorderly, irish


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UK unlikely to leave the EU without a deal, Credit Suisse says

The possibility of the United Kingdom leaving the European Union without a deal in place can be ruled out, according to a senior Credit Suisse banker. There’s no appetite among the electorate — as well as the members of the U.K. parliament — for a so-called no-deal Brexit, Andrew Garthwaite, global head of equity strategy at Credit Suisse, said on Monday. “It seems extremely unlikely we get a no-deal Brexit. “It is a deal, with a no-deal Brexit.” The so-called Malthouse compromise is a Brexit pl


The possibility of the United Kingdom leaving the European Union without a deal in place can be ruled out, according to a senior Credit Suisse banker. There’s no appetite among the electorate — as well as the members of the U.K. parliament — for a so-called no-deal Brexit, Andrew Garthwaite, global head of equity strategy at Credit Suisse, said on Monday. “It seems extremely unlikely we get a no-deal Brexit. “It is a deal, with a no-deal Brexit.” The so-called Malthouse compromise is a Brexit pl
UK unlikely to leave the EU without a deal, Credit Suisse says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: saheli roy choudhury, anthony kwan, bloomberg, getty images, theresa may, uk prime minister, pauses during a news conference at a european unio, eu, leaders summit in brussels, belgium
Keywords: news, cnbc, companies, compromise, malthouse, suisse, northern, uk, brexit, ireland, socalled, nodeal, credit, deal, eu, leave, unlikely


UK unlikely to leave the EU without a deal, Credit Suisse says

The possibility of the United Kingdom leaving the European Union without a deal in place can be ruled out, according to a senior Credit Suisse banker.

There’s no appetite among the electorate — as well as the members of the U.K. parliament — for a so-called no-deal Brexit, Andrew Garthwaite, global head of equity strategy at Credit Suisse, said on Monday.

“It seems extremely unlikely we get a no-deal Brexit. The closest we can get to that is the Malthouse compromise on the Northern Irish backstop, which is looking for a technological solution,” he told CNBC’s Nancy Hungerford at the Credit Suisse Asian Investment Conference in Hong Kong. “It is a deal, with a no-deal Brexit.”

The so-called Malthouse compromise is a Brexit plan that addresses the border separating Northern Ireland and the Republic of Ireland — it is an important and contentious part of the negotiations with the EU.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: saheli roy choudhury, anthony kwan, bloomberg, getty images, theresa may, uk prime minister, pauses during a news conference at a european unio, eu, leaders summit in brussels, belgium
Keywords: news, cnbc, companies, compromise, malthouse, suisse, northern, uk, brexit, ireland, socalled, nodeal, credit, deal, eu, leave, unlikely


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May’s Brexit vote is ‘on a knife edge’: Here’s what experts predict will happen

If they vote against a “no-deal” Brexit, they’ll then have a vote on whether to extend Article 50 (which sets out the departure process) and delay Britain’s departure which is currently set to take place on March 29. May’s deal initially failed to win enough approval in Parliament because of widespread opposition to a key part of the deal known as the “Irish backstop,” an insurance policy designed to prevent a hard border between Northern Ireland and the Republic of Ireland if the EU and U.K. fa


If they vote against a “no-deal” Brexit, they’ll then have a vote on whether to extend Article 50 (which sets out the departure process) and delay Britain’s departure which is currently set to take place on March 29. May’s deal initially failed to win enough approval in Parliament because of widespread opposition to a key part of the deal known as the “Irish backstop,” an insurance policy designed to prevent a hard border between Northern Ireland and the Republic of Ireland if the EU and U.K. fa
May’s Brexit vote is ‘on a knife edge’: Here’s what experts predict will happen Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: holly ellyatt
Keywords: news, cnbc, companies, mays, vote, ireland, heres, happen, brexit, uk, experts, deal, predict, edge, departure, eu, knife, need, northern, backstop


May's Brexit vote is 'on a knife edge': Here's what experts predict will happen

If they vote against a “no-deal” Brexit, they’ll then have a vote on whether to extend Article 50 (which sets out the departure process) and delay Britain’s departure which is currently set to take place on March 29.

May’s deal initially failed to win enough approval in Parliament because of widespread opposition to a key part of the deal known as the “Irish backstop,” an insurance policy designed to prevent a hard border between Northern Ireland and the Republic of Ireland if the EU and U.K. fail to strike a trade deal in a 21-month transition period post-Brexit.

Many lawmakers didn’t like the fact that Northern Ireland could remain closely-aligned to the EU due to the backstop and that it had an indefinite nature. The U.K. would also need the EU’s agreement to leave the backstop.

WATCH: Brexit explained: What you need to know


Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: holly ellyatt
Keywords: news, cnbc, companies, mays, vote, ireland, heres, happen, brexit, uk, experts, deal, predict, edge, departure, eu, knife, need, northern, backstop


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EU’s Tusk says there’ll be a ‘special place in hell’ for the UK’s Brexit proponents

Tusk says ‘special place in hell’ for Brexiteers with no plan 4 Hours Ago | 00:17European Council President Donald Tusk stunned a Brussels press conference Wednesday by saying he wondered what the “special place in hell” looked like for those who “promoted Brexit without even a sketch of a plan of how to carry it safely.” Tusk, whose role is to represent the leaders of the 28 EU member nations, was speaking after talks with Irish premier Leo Varadkar in Brussels. Varadkar was then caught saying


Tusk says ‘special place in hell’ for Brexiteers with no plan 4 Hours Ago | 00:17European Council President Donald Tusk stunned a Brussels press conference Wednesday by saying he wondered what the “special place in hell” looked like for those who “promoted Brexit without even a sketch of a plan of how to carry it safely.” Tusk, whose role is to represent the leaders of the 28 EU member nations, was speaking after talks with Irish premier Leo Varadkar in Brussels. Varadkar was then caught saying
EU’s Tusk says there’ll be a ‘special place in hell’ for the UK’s Brexit proponents Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-06  Authors: david reid
Keywords: news, cnbc, companies, therell, hell, saying, place, brexit, backstop, ireland, proponents, northern, tusk, uk, brussels, uks, plan, special, eus


EU's Tusk says there'll be a 'special place in hell' for the UK's Brexit proponents

Tusk says ‘special place in hell’ for Brexiteers with no plan 4 Hours Ago | 00:17

European Council President Donald Tusk stunned a Brussels press conference Wednesday by saying he wondered what the “special place in hell” looked like for those who “promoted Brexit without even a sketch of a plan of how to carry it safely.”

Tusk’s Twitter account, which states it is managed by his media team, then repeated the comments for clarity.

Tusk, whose role is to represent the leaders of the 28 EU member nations, was speaking after talks with Irish premier Leo Varadkar in Brussels.

Varadkar was then caught saying to Tusk that “they will give you terrible trouble for this” in an apparent reference to the U.K. press.

Tusk also reinforced the EU’s stance that the Withdrawal Agreement was “not open for renegotiation” and hoped that U.K. leader Theresa May’s visit to Brussels on Thursday had “a realistic suggestion on how to end the impasse.”

May is visiting Brussels in an attempt to seek further concessions from the rest of the EU over how Britain will exit the bloc next month. The main point of contention within the current plan is the “backstop agreement,” currently in place as a safety net to avoid the return of a physical border between the Republic of Ireland and Northern Ireland.

A physical border is considered dangerous as it could the reignite sectarian conflict in Northern Ireland that was largely ended towards the close of the 20th century.

But the backstop is seen as unacceptable to some U.K. lawmakers who worry it will be used to permanently attach Britain and Northern Ireland to the European Union.

Tusk said keeping peace in Ireland was a priority.

“We will not gamble with peace or put a sell-by date on reconciliation. This is why we insist on the backstop,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-02-06  Authors: david reid
Keywords: news, cnbc, companies, therell, hell, saying, place, brexit, backstop, ireland, proponents, northern, tusk, uk, brussels, uks, plan, special, eus


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Theresa May to reopen Brexit talks with Brussels: Here’s what you need to know

In January, the majority of the U.K. Parliament rejected the original Brexit deal, also known as the “Withdrawal Agreement.” But on Tuesday evening, MPs (Members of Parliament) voted on seven amendments that had been tabled by lawmakers in an effort to change the course of Brexit. MPs passed two amendments, including one which sought to replace the controversial “Irish backstop” with unspecified “alternative arrangements.” There has been criticism that the U.K. is just wasting precious time as t


In January, the majority of the U.K. Parliament rejected the original Brexit deal, also known as the “Withdrawal Agreement.” But on Tuesday evening, MPs (Members of Parliament) voted on seven amendments that had been tabled by lawmakers in an effort to change the course of Brexit. MPs passed two amendments, including one which sought to replace the controversial “Irish backstop” with unspecified “alternative arrangements.” There has been criticism that the U.K. is just wasting precious time as t
Theresa May to reopen Brexit talks with Brussels: Here’s what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: holly ellyatt, nurphoto, getty images, emmanuel dunand, afp
Keywords: news, cnbc, companies, reopen, ireland, backstop, talks, deal, brussels, brexit, votes, theresa, heres, withdrawal, parliament, yesterday, need, know, eu, agreement, uk


Theresa May to reopen Brexit talks with Brussels: Here's what you need to know

In January, the majority of the U.K. Parliament rejected the original Brexit deal, also known as the “Withdrawal Agreement.” But on Tuesday evening, MPs (Members of Parliament) voted on seven amendments that had been tabled by lawmakers in an effort to change the course of Brexit.

MPs passed two amendments, including one which sought to replace the controversial “Irish backstop” with unspecified “alternative arrangements.”

This backstop is something of an insurance policy in the event of the U.K. and EU failing to agree a trade deal in a 21-month transition period (which itself only happens if there is a withdrawal agreement) after Brexit. It’s designed to prevent a “hard” border on the island of Ireland, and could mean Northern Ireland (which is part of the U.K.) remained closely aligned to EU rules for an indefinite period, an unpalatable prospect rejected by many politicians.

MPs also supported an amendment that states the U.K. will not leave the EU without a deal although the departure date remains the same, and the vote is not legally binding.

May said after the votes that she would return to Brussels to see if she can persuade the EU to amend the backstop part of the deal — something that both she and the EU have previously ruled out.

There has been criticism that the U.K. is just wasting precious time as the departure date draws near. Gabriel Felbermayr, the director of the Ifo Center for International Economics at the Ifo Institute, told CNBC that the votes Tuesday evening had done little to change the situation.

“We had this moment of theater again yesterday in the (House of) Commons and it was very entertaining to watch, but not very enlightening at all. We’ve heard the relatively negative responses out of Brussels — they are not going to renegotiate the Withdrawal Agreement — and we did not see what exactly the British Parliament really wants,” he told CNBC’s “Capital Connection.”

“They want a technical solution to make the border in Ireland soft but what this could be is not clear so we’re still at a loss. Of course, we need a compromise to make this deal possible and to avoid both sides losing economically … We do not have any further information that could calm our nerves that has come out of the British parliament yesterday.”


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: holly ellyatt, nurphoto, getty images, emmanuel dunand, afp
Keywords: news, cnbc, companies, reopen, ireland, backstop, talks, deal, brussels, brexit, votes, theresa, heres, withdrawal, parliament, yesterday, need, know, eu, agreement, uk


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Theresa May makes last-ditch Brexit bid to win over UK lawmakers

British Prime Minister Theresa May announced tweaks to her much-maligned Brexit deal on Monday, in the hope of winning over lawmakers who overwhelmingly rejected her proposals last week. A major sticking point to her withdrawal deal is an agreement to ensure no hard border returns between Northern Ireland and the Republic of Ireland. “The right way for this house to rule out ‘no deal’ is for this house to approve a deal with the European Union,” she said. May said she would continue to hold furt


British Prime Minister Theresa May announced tweaks to her much-maligned Brexit deal on Monday, in the hope of winning over lawmakers who overwhelmingly rejected her proposals last week. A major sticking point to her withdrawal deal is an agreement to ensure no hard border returns between Northern Ireland and the Republic of Ireland. “The right way for this house to rule out ‘no deal’ is for this house to approve a deal with the European Union,” she said. May said she would continue to hold furt
Theresa May makes last-ditch Brexit bid to win over UK lawmakers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: david reid, pa images, getty images
Keywords: news, cnbc, companies, talks, rule, lawmakers, theresa, statement, lastditch, bid, uk, northern, rejected, house, brexit, week, ireland, deal, makes, win


Theresa May makes last-ditch Brexit bid to win over UK lawmakers

British Prime Minister Theresa May announced tweaks to her much-maligned Brexit deal on Monday, in the hope of winning over lawmakers who overwhelmingly rejected her proposals last week.

A major sticking point to her withdrawal deal is an agreement to ensure no hard border returns between Northern Ireland and the Republic of Ireland. Some Brexiteers feel that “backstop” could be used by Brussels as a means to keep Britain within the EU while the Northern Irish Democratic Unionist Party (DUP) is nervous it would lead to Northern Ireland being treated differently from the rest of the U.K.

In a statement to the lower house of Parliament on Monday afternoon, May said she would now discuss with the DUP on how to allay fears among the people of Northern Ireland before returning to negotiate further with Brussels.

However, May said the prospect of a second Brexit referendum did not enjoy majority support and also rejected the growing calls for her to rule out a “no-deal” Brexit as a possibility.

“The right way for this house to rule out ‘no deal’ is for this house to approve a deal with the European Union,” she said.

In what appeared to be some small concession to opponents, May said her government would also guarantee that workers’ and environmental rights would not be eroded post-Brexit and that a £65 ($84) fee for EU nationals applying for settled status would now be abolished.

May said she would continue to hold further meetings on Brexit next week and hoped that opposition leader Jeremy Corbyn would hold talks with her. Corbyn’s response to May’s statement was to accuse her of failing to realize the extent of her defeat last week and that her cross-party talks have been a “sham.”

Prior to the statement, sterling sat at 1.2870 versus the dollar and rose to $1.2890 as she spoke.

Parliament will now debate Monday’s statement from the U.K. leader before a vote on the motion is taken on Tuesday January 29.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: david reid, pa images, getty images
Keywords: news, cnbc, companies, talks, rule, lawmakers, theresa, statement, lastditch, bid, uk, northern, rejected, house, brexit, week, ireland, deal, makes, win


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EU doesn’t want to ‘trap the UK into anything’, Irish leader says

The EU could give further written guarantees to the U.K. in order to help ease the pressure leader Theresa May is experiencing ahead of a crucial vote next week, the Irish prime minister said. The U.K. Parliament is due to vote next week on the Withdrawal Agreement — the 585-page document that the EU agreed with May’s government and outlines how the U.K. should leave the European Union in March. The vote had been originally scheduled for December 11, but May decided to postpone it given the oppo


The EU could give further written guarantees to the U.K. in order to help ease the pressure leader Theresa May is experiencing ahead of a crucial vote next week, the Irish prime minister said. The U.K. Parliament is due to vote next week on the Withdrawal Agreement — the 585-page document that the EU agreed with May’s government and outlines how the U.K. should leave the European Union in March. The vote had been originally scheduled for December 11, but May decided to postpone it given the oppo
EU doesn’t want to ‘trap the UK into anything’, Irish leader says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: silvia amaro, wpa pool, getty images news, getty images
Keywords: news, cnbc, companies, uk, doesnt, vote, trap, irish, minister, eu, leader, policy, trade, ireland, northern, week, prime


EU doesn't want to 'trap the UK into anything', Irish leader says

The EU could give further written guarantees to the U.K. in order to help ease the pressure leader Theresa May is experiencing ahead of a crucial vote next week, the Irish prime minister said.

The U.K. Parliament is due to vote next week on the Withdrawal Agreement — the 585-page document that the EU agreed with May’s government and outlines how the U.K. should leave the European Union in March. However, the plans have proved controversial for many and will likely be rejected by lawmakers.

The vote had been originally scheduled for December 11, but May decided to postpone it given the opposition to the deal.

The biggest concern for many lawmakers is the Irish backstop — a last-resort insurance policy that aims to prevent a hard border between Northern Ireland and the Republic of Ireland in the event that there’s no future trade agreement agreed.

Brexiteers and other U.K. lawmakers believe this policy would force Northern Ireland to follow EU rules. However, both Westminster and Brussels have said this is not the aim and if it were to happen, it would only apply until they implement new trade arrangements.

Irish Prime Minister Leo Varadkar said the EU could further explain what its intentions with this backstop are.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: silvia amaro, wpa pool, getty images news, getty images
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May says if Brexit deal is rejected, UK will be in uncharted territory

Prime Minister Theresa May said on Sunday that Britain would be in uncharted territory if her Brexit deal is rejected by parliament later this month, despite little sign that she has won over skeptical lawmakers. May said the vote in parliament would be around Jan. 15, as expected, contrary to reports she could delay it. May has already delayed the vote once, in December, when it became clear she would lose unless extra reassurances from the EU were agreed. Describing what would happen if she wa


Prime Minister Theresa May said on Sunday that Britain would be in uncharted territory if her Brexit deal is rejected by parliament later this month, despite little sign that she has won over skeptical lawmakers. May said the vote in parliament would be around Jan. 15, as expected, contrary to reports she could delay it. May has already delayed the vote once, in December, when it became clear she would lose unless extra reassurances from the EU were agreed. Describing what would happen if she wa
May says if Brexit deal is rejected, UK will be in uncharted territory Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-06  Authors: leon neal, getty images
Keywords: news, cnbc, companies, uk, deal, ireland, territory, uncharted, brexit, happen, rejected, vote, parliament, leaving, eu, leave


May says if Brexit deal is rejected, UK will be in uncharted territory

Prime Minister Theresa May said on Sunday that Britain would be in uncharted territory if her Brexit deal is rejected by parliament later this month, despite little sign that she has won over skeptical lawmakers.

Britain is due to leave the EU on March 29 but May’s inability so far to get her deal for a managed exit through parliament has alarmed business leaders and investors who fear the country is heading for a damaging no-deal Brexit.

May said the vote in parliament would be around Jan. 15, as expected, contrary to reports she could delay it.

May has already delayed the vote once, in December, when it became clear she would lose unless extra reassurances from the EU were agreed.

Describing what would happen if she was defeated, May told the BBC: “We’re going to be in uncharted territory. I don’t think anybody can say exactly what will happen in terms of the reaction we’ll see in parliament.”

Amid the uncertainty over Britain’s next steps – which range from leaving without a deal to not leaving at all – a poll showed more Britons want to remain a member of the EU than leave, and voters want to make the final decision themselves.

May’s party itself is divided over its support for her deal, with many fearing that an insurance policy designed to avoid the re-emergence of a hard border between Ireland and Northern Ireland could leave Britain subject to EU rules indefinitely.

One of those leading that opposition, lawmaker Jacob Rees-Mogg, said in a newspaper article that it was “wishful thinking” that time away from parliament over the Christmas holiday could persuade him to change his mind and back the deal.


Company: cnbc, Activity: cnbc, Date: 2019-01-06  Authors: leon neal, getty images
Keywords: news, cnbc, companies, uk, deal, ireland, territory, uncharted, brexit, happen, rejected, vote, parliament, leaving, eu, leave


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EU refuses to help British PM over Brexit, says ‘it is not open for renegotiation’

The EU-27 also said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. The EU added that if the Irish backstop policy needed to be triggered, it would only apply “temporarily” until there’s an agreement in place. Meanwhile, Luxembourg Prime Minister Xavier Bettel told CNBC in Brussels that it is time for U.K. lawmakers “to be responsible.” Sterling was down 0.6 percent against the dollar at $1.2591, with Reuters citing May’s unsuccessful Brexi


The EU-27 also said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. The EU added that if the Irish backstop policy needed to be triggered, it would only apply “temporarily” until there’s an agreement in place. Meanwhile, Luxembourg Prime Minister Xavier Bettel told CNBC in Brussels that it is time for U.K. lawmakers “to be responsible.” Sterling was down 0.6 percent against the dollar at $1.2591, with Reuters citing May’s unsuccessful Brexi
EU refuses to help British PM over Brexit, says ‘it is not open for renegotiation’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: silvia amaro, dan kitwood, getty images news, getty images
Keywords: news, cnbc, companies, triggered, renegotiation, brexit, open, brussels, possible, help, backstop, agreement, british, eu, uk, told, ireland, refuses, trade


EU refuses to help British PM over Brexit, says 'it is not open for renegotiation'

The EU-27 also said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. They also repeated the Irish backstop is only an insurance policy.

“It is the Union’s firm determination to work speedily on a subsequent agreement that establishes by 31 December 2020 alternative arrangements, so that the backstop will not need to be triggered,” the 27 countries said.

The EU added that if the Irish backstop policy needed to be triggered, it would only apply “temporarily” until there’s an agreement in place.

The idea of the backstop is to prevent a hard border between Northern Ireland and Ireland — a critical issue for both the EU and the U.K.

Brexiteers and other U.K. lawmakers believe this plan forces Northern Ireland to follow EU rules. However, both Westminster and the EU have said this would not be their aim and if it were to happen, it would only apply until they implement new trade arrangements.

“There will be no new legally binding obligations imposed on the European Union. That’s crystal clear,” European Commission President Jean-Claude Juncker told reporters in Brussels Thursday night.

The U.K. Parliament is legally scheduled to vote on the withdrawal agreement before January 21.

Meanwhile, Luxembourg Prime Minister Xavier Bettel told CNBC in Brussels that it is time for U.K. lawmakers “to be responsible.”

“Theresa May did the best possible deal and now MPs in London should be responsible and to know if they want to have the best possible deal or want to go in the direction where they don’t know what will come out,” he said.

“It’s in the interest of their citizens,” he added.

Sterling was down 0.6 percent against the dollar at $1.2591, with Reuters citing May’s unsuccessful Brexit trip to Brussels. The British currency also dropped 0.3 percent versus the euro to 90.025 pence.


Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: silvia amaro, dan kitwood, getty images news, getty images
Keywords: news, cnbc, companies, triggered, renegotiation, brexit, open, brussels, possible, help, backstop, agreement, british, eu, uk, told, ireland, refuses, trade


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Brexit: All eyes are on Theresa May as pressure mounts within her own cabinet

Both sides want to prevent a hard border between Northern Ireland and the Republic of Ireland — the only land border that the U.K. will have with the EU after Brexit. So, May has proposed to have a customs union with the EU, temporarily. A customs union is an arrangement by which its members apply the same tariffs to products imported from third countries. The other 27 EU nations want a permanent solution that will always avoid a hard border between Northern Ireland and the Republic of Ireland.


Both sides want to prevent a hard border between Northern Ireland and the Republic of Ireland — the only land border that the U.K. will have with the EU after Brexit. So, May has proposed to have a customs union with the EU, temporarily. A customs union is an arrangement by which its members apply the same tariffs to products imported from third countries. The other 27 EU nations want a permanent solution that will always avoid a hard border between Northern Ireland and the Republic of Ireland.
Brexit: All eyes are on Theresa May as pressure mounts within her own cabinet Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: silvia amaro, jack taylor, getty images news, getty images
Keywords: news, cnbc, companies, mounts, rest, ireland, border, theresa, party, brexit, eyes, uk, pressure, eu, customs, idea, cabinet, union, northern


Brexit: All eyes are on Theresa May as pressure mounts within her own cabinet

This is still the main issue preventing a formal withdrawal agreement with the EU. Both sides want to prevent a hard border between Northern Ireland and the Republic of Ireland — the only land border that the U.K. will have with the EU after Brexit.

The EU has proposed that the checks happen at the Irish Sea — which separates Northern Ireland and the rest of the U.K. — and are carried out in the least intrusive way possible. However, the DUP (the Democratic Unionist Party), the Northern Irish party that supports May in parliament, does not agree with this idea. The DUP argues that such a proposal divides Northern Ireland from the rest of the U.K. and forces Belfast to follow EU rules.

So, May has proposed to have a customs union with the EU, temporarily. A customs union is an arrangement by which its members apply the same tariffs to products imported from third countries. But the EU has rejected her idea. The other 27 EU nations want a permanent solution that will always avoid a hard border between Northern Ireland and the Republic of Ireland.

May’s proposal was also not well-received by her party members. Some of them believe that a customs union with the EU, even if temporary, will restrict the U.K.’s ability to strike new trade deals.

As a result, May has more recently come up with an idea to have an independent arbitration panel, to tell her counterparts that the U.K. will not be in a customs union with the EU forever. The Times reported early Monday morning that the EU has also rejected this suggestion as it wants any arbitration to be done by the European Court of Justice.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: silvia amaro, jack taylor, getty images news, getty images
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