Wainwright Marks Management - May Strikes New Brexit Deal

March 15, 2019 - The UK is due to leave the European Union in just over two weeks and, until the start of this week there was still no clear path to a workable deal in sight. On Monday, after frantic changes of plan in London, Prime Minister Theresa May flew to France to engage in last minute negotiations with European Commission President, Jean-Claude Juncker in the hopes that she could gain further concessions that would appease parliament and gain the support needed to pass her proposed Brexit deal.

After two hours of negotiations, May and Juncker announced the agreed-upon changes to the divorce deal at a joint press conference.

Analysts at Wainwright Marks Management say it is not yet clear if the new amendments to the Brexit deal will be enough to earn May the support she needs in parliament.

Juncker has stated that if the new deal does not receive approval from UK parliament, Brexit may not take place at all.

May has called upon parliament, where there is deep division within her own Conservative party, to come together and support the new deal so that promises made to British citizens can be upheld.

Time is running out for May and negotiations have remained deadlocked over the issue of the Irish backstop. Pro Brexiteers in parliament are concerned that the backstop will keep the UK trapped in the EU's trade system indefinitely.

The new changes to the Brexit deal consist of additional documents aimed at providing legally-binding assurances that the UK would not be subject to the Irish backstop. Wainwright Marks Management analysts say the documents will come under intensive scrutiny by UK parliament before a decision is made on whether or not they sufficiently address concerns.