Pound falls sharply on Brexit deal advice

Pound falls sharply on Brexit deal advice

Pound falls sharply on Brexit deal advice

GBP price, Brexit latest and market sentiment: The UK Attorney General Geoffrey Cox has said the legal risk remains unchanged that the UK would have no internationally lawful means of exiting the Irish backstop in the event of Brexit.

EU Commission president Jean-Claude Juncker made a bad-taste smutty innuendo about Theresa May as he addressed MEPs today, hours after had agreed changes to her Brexit deal. As a result, GBP has dropped and risk appetite more generally has tumbled.

In a significant setback to Mrs May's effort to overturn the 230-vote majority by which her deal was rejected in January, Mr Cox said that "the legal risk remains unchanged" of the United Kingdom being unable to leave the backstop without European Union agreement.

The main sticking point is the so-called Irish border backstop, an insurance policy aimed at avoiding controls on the border between the British province of Northern Ireland and EU-member Ireland after Brexit. We may not know which way they will go until during the Brexit debate this afternoon in the House of Commons. If you missed it, here's a recording.

GBP/AUD Outlook: Sterling Could Plummet Further if May's Deal is Rejected "Aussie" traders will be looking ahead to the publication of the Chinese FDI foreign direct investment figures for February tomorrow, and with China being Australia's largest trading partner, any signs of an increase could prove beneficial to the Australian Dollar.

However, he said the situation was unchanged if a deal that supersedes the backstop can not be reached "through no such demonstrable failure of either party".

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One on Wednesday would decide whether Britain should simply leave on March 29 without any deal at all.

Labour's Shadow Brexit Secretary Keir Starmer had warned earlier that "nothing had changed" from the first deal agreed in November a year ago.

"The legal risk remains unchanged", he wrote Tuesday, noting there are "internationally lawful means" of leaving the backstop without European Union agreement.

Britain's Attorney General Geoffrey Cox leaves after the weekly cabinet meeting at 10 Downing Street in London, March 12, 2019.

And if that is turned down MPs will have a third vote in three days on whether to extend Article 50 and delay Brexit.

"Now is the time to come together to back this improved Brexit deal and to deliver on the instruction of the British people", she said.

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Conservative lawmaker Nicky Morgan said May's position will become "less and less tenable" if she suffers more defeats in parliament this week.

She has refused to back any extension to the UK's departure date, telling Parliament she was "certain we have secured the very best changes available".

May said the new wording "will guarantee that the European Union can not act with the intent of applying the backstop indefinitely". Parliament rejected a similar deal by 230 votes in January.

Senior Brexiteers such as Jacob Rees-Mogg and Iain Duncan Smith warned the jury is still out and refused to say how they will vote tonight. He also said it was now "time for a general election".

The defeat came after May and European Commission President Jean-Claude Juncker announced changes Monday created to overcome lawmakers' concerns about provisions created to ensure the border between EU member Ireland and Britain's Northern Ireland remains open after Brexit.

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