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UK lawmakers look set for fresh vote on softer Brexit – CNBC







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British Prime Minster Theresa May and President of European Commission Jean-Claude Juncker attend a press conference at the European Commission on March 11, 2019 in Strasbourg, France.

Lawmakers in the United Kingdom are reportedly set to be given another chance to break the Brexit deadlock with a vote on whether to maintain a customs union with the European Union.

London’s Evening Standard newspaper has reported that long-time Member of Parliament Frank Field plans to bring the vote, claiming he is “confident of getting it through.”

U.K. leader Theresa May has failed three times to persuade a majority of the U.K. Parliament to agree to her plan to leave the EU, causing European leaders to allow an extension to Britain’s membership until at least the end of October.

A customs union is an agreement that allows partaking countries to set common external tariffs while allowing goods to travel freely between those countries.

The draft proposal between the U.K. and EU does not include a customs union as supporters of Brexit say it prevents the right to strike fresh trade deals.

May and main opposition leader Jeremy Corbyn have been conducting talks in a bid to break the impasse, but few believe either side will be prepared to compromise for fear of losing party support.

Field said his vote, which he would bring to parliament with Conservative veteran lawmaker Kenneth Clarke, will take the pressure off both Corbyn and May.

“I think if it comes from the backbenches, neither of the party leaders can be accused of dividing their parties. I would be confident of getting it through,” he said.

Earlier Tuesday, President of the European Council Donald Tusk, told the European Parliament in Strasbourg that he still believed that Brexit could be reversed.

“At this rather difficult moment in our history, we need dreamers and dreams. We cannot give in to fatalism. At least I will not stop dreaming about a better and united Europe.”

Meanwhile the Brexit delay may have helped improve the mood among German investors.

The ZEW research institute said its monthly survey showed economic sentiment among investors improved to 3.1 from -3.6 in March. Economists had expected a much smaller increase.

ZEW President Achim Wambach attributed the rise to hopes over the world’s economy but added that the “postponement of the Brexit deadline may also have contributed to buoy the economic outlook.”






UK lawmakers look set for fresh vote on softer Brexit – CNBC

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