Brexit postponed for another year?

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UNITED STATES (VOP TODAY NEWS) — Theresa May may have to seek the extension of Britain’s membership in the European Union for a long time after the speaker of the House of Commons, John Bercow, blocked her plan to make a deal to leave the bloc for a new vote.

Officials unofficially accused Burkow, who effectively banned the third attempt to hold a deal through parliament before a significant change in its conditions, abuse of authority, and said that another vote is now hardly possible before the EU summit on Thursday, where May will have to ask for a delay, which can stretch out on months or even more than a year, writes Bloomberg.

The Sun newspaper reported, citing government sources, that May is preparing a letter to the President of the EU Council, Donald Tusk, with an official request for a delay of 9 to 12 months.

One of the EU officials said that the leaders would not want to thoroughly work out a new agreement at the summit, since the issues are usually discussed in advance by persons in lower positions. That means a delay is the most likely scenario, he said.

There was no market reaction to this publication. Bidders seem to have lost interest in Brexit. It is obvious to everyone that the matter is going to be postponed, besides, the deadline has already been postponed, and now this topic is not relevant.

The other day, discontent with the “endless Brexit” was expressed even by the Spanish Foreign Minister.

At the same time, the UK is already feeling the negative effect of the still failed exit from the EU.

Brexit led to the largest reduction in investment in the UK business in 10 years. According to the forecasts of the British Chamber of Commerce in 2019, business investment will decrease by 1%.

Weak investment companies lead to lower productivity, which inhibits wage growth and affects the overall economy.

“Political inaction has already had economic consequences, and many companies have postponed investment and hiring decisions,” commented Adam Marshall, head of the BCC.

“Worse, some companies postponed investment and growth plans in preparation for unforeseen circumstances. Some of these investments may never go back to the UK.”

Many financial companies have opened branches in other EU countries, and automakers have reduced their expansion plans in the UK.

This month, BMW said it could leave the country in the case of Brexit without a deal.

According to official data, in 2018 business investment fell in each of the four calendar quarters, which is the longest period after the global financial crisis.

Finance Minister Philip Hammond said at the same time that he expects an increase in investment by companies after the conclusion of a Brexit deal.

This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

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