EU and U.K. reach agreement on Brexit but some still say no
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October 17, 2019 08:32 AM

EU and U.K. reach agreement on Brexit but some still say no

Bloomberg
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    Bloomberg
    Prime Minister Boris Johnson, who became the face of Brexit during the 2016 referendum campaign, may finally be able to pull off Brexit.

    Negotiators from the U.K. reached an agreement Thursday with officials in Brussels that could pave the way for Britain to finally break 46 years of ties with the European Union. But the Democratic Unionist Party said it still can’t support the deal.

    That makes the parliamentary arithmetic a lot tighter for British Prime Minister Boris Johnson, who needs the backing of the House of Commons in a vote expected Saturday to deliver an orderly Brexit on Oct. 31.

    Three DUP officials said their party won’t support the deal, saying they were unhappy about customs checks in the Irish Sea, among other things. Mr. Johnson has been defeated in a string of crucial votes since taking office in July and lost his majority in the chamber. Nevertheless, the prime minister announced the agreement with an upbeat statement.

    Without his Northern Irish allies, Mr. Johnson needs to pick up roughly 61 votes from a pool of just 75 available deputies — that will involve persuading holdouts in his own party to side with him rather than the DUP. It’s the final, treacherous hurdle for the U.K. leader to clear before he can complete his ambition of leading Britain out of the EU.

    We've got a great new deal that takes back control — now Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment #GetBrexitDone #TakeBackControl

    — Boris Johnson (@BorisJohnson) October 17, 2019

    The withdrawal agreement was completed just in time for EU leaders to assess it when they meet later Thursday in the Belgian capital. European Commission President Jean-Claude Juncker hailed it as “fair and balanced.”

    If the deal is approved, Mr. Johnson will draw a line under three years of political turmoil since the U.K. voted to leave the world’s biggest trading bloc. That journey has strained its relationship with historic allies, soured the political debate at home and tested the patience of voters.

    Negotiators in Brussels and London this week have gone from optimism to dismay and back again, with the pound twitching at every murmur. It rallied on news of the deal, touching $1.2990 before paring gains.

    In a revised political declaration, the two sides pledged to:

    • Establish a wide-ranging free trade agreement.
    • Reach a deal on services that goes beyond WTO levels.
    • Agree equivalence for financial services firms.
    • Allow free movement of capital.
    • Establish visa-free travel for short-term visits.
    • Commit to a level playing field, with common high standards in state aid, competition, welfare, tax, and environmental matters.

    Now, the many predictions about the costs or benefits of Brexit may be put to the test. At the very least, businesses and travelers may be spared the inevitable disruption that would have been triggered by Britain crashing out without a deal. For both sides, the agreement is a chance to move their political agendas on and to start focusing on their future trading relationship.

    EU chief Brexit negotiator Michel Barnier told reporters in Brussels that he believes the deal can be ratified by the end of October. He called it a “fair and reasonable basis for an orderly withdrawal” by the U.K.

    In a nod to the painful wrangling of the past three years, he also compared getting the deal done to climbing a mountain.
    Labour leader Jeremy Corbyn called for a second referendum, saying in Brussels that Mr. Johnson’s deal — which he described as a “sellout” — was worse than that put forward by predecessor Theresa May.

    Most importantly Mr. Johnson, who became the face of Brexit during the 2016 referendum campaign, needs to convince the DUP he is not selling them out and to persuade Brexit true-believers that this is a real separation rather than a pointless fudge.

    Certainly, die-hard Brexiteers are sounding like they could hold their noses and let Mr. Johnson’s deal fly.

    “The deal sounds like it could well be tolerable,” said Steve Baker, who leads that faction in Parliament.

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