UK and European negotiators have agreed a new deal that paves the way for an October 31 Brexit, but executives in London’s financial services community warn the breakthrough is just the beginning of a fresh round of political wranglings.
News of the accord comes on the eve of crunch meetings in Brussels and Westminster, where politicians will discuss whether or not to back the revised terms of the UK’s exit from the trading bloc.
European Commission President Jean-Claude Juncker said he was “convinced” the British parliament would vote for the deal because it “has to”. “Anyway there will be no prolongation.
We have concluded a deal and so there is not an argument for further delay – it has to be done now,” he said. Juncker added: “I’m happy about the deal, but I’m sad about Brexit. Have a good time.
”His comments will heap pressure on MPs opposed to a no-deal exit to back the deal agreed by Johnson.
Jean-Claude Juncker, president of the European Commission, posted on twitter, writing: “Where there is a will, there is a deal — we have one! It’s a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions.
I recommend that EUCO endorses this deal. But Prime Minister Boris Johnson faces a battle in the House of Commons with an unusual Saturday sitting to seek approval for his deal, however his former allies the DUP are set to reject it. Hailing the agreement a , great deal that takes back control , Mr Johnson urged Parliament to get Brexit done and pave the way for focus on other priorities.
The Democratic Unionists, which the government relies on for majority support, are not prepared to support the package as it does not contain a veto over Northern Ireland’s position in the UK. In a statement following the deal, the Stormont party said the proposals are not beneficial to the economic well-being of Northern Ireland, and , undermine the integrity of the Union.
The party had previously identified three obstacles to the revised deal, which are customs, consent and a lack of clarity on VAT.