Britain eyes Brexit deal 'like no other in history'

Posted June 19, 2017

More than a third (35%) of businesses in low-wage industries said they recruited European Union nationals because they cannot fill the positions with UK-born applicants, signalling that labour shortages could result from a clampdown.

The issue most likely to torpedo negotiations is Britain's bill for leaving the bloc.

Fighting for her political survival, May has been trying to strike a deal with a small Northern Irish Protestant party to avoid a second election that could delay Brexit talks and damage the $2.5trillion economy. There have been legal challenges to Brexit, highs and lows for Leavers and Remainers, but following the election result, nobody really knows what Brexit means and when it will happen.

June 21 - The Queen's Speech sets out details of extensive UK Government legislation required to put Brexit into effect, expected to include a Great Repeal Bill bringing European Union laws and regulations onto the British statute book, as well as bills on issues including immigration and customs.

Ridiculed by the right-wing tabloid media and ignored by Prime Minister Theresa May as she pursued plans for a clean break with the European Union, Britain's pro-Europeans suddenly have something they have long wanted: leverage.

"I would have liked to have highlighted our economic record, and I think if we had focused on that we probably would have done better in the election than we did", Hammond told the BBC, echoing earlier comments to Reuters.

In this context, both the United Kingdom and the European Union, following a period of disputes and mutual threats in regards to the terms of withdrawal, now seem to have a much softer and more consistent position on the outcome of the Brexit negotiations.

Ms Davidson called for an "open Brexit" that put the needs of the economy before cutting immigration, although a Scottish Conservative spokesman later denied suggestions that she was seeking continued membership of the single market, which requires the free movement of European Union nationals.

The government has developed a strategy of "hard Brexit" to cut the numbers of immigrants arriving from the EU at the expense of Britain's membership of the European single market and customs union.

HSBC, which has 43,000 employees in Britain, said in January that it was planning to move "activities covered specifically by European financial regulation" to the EU, which would shift about 1,000 jobs out of the UK. They argue instead for a "soft" version, prioritizing some form of continued access to the single market in order to minimize economic damage.

The hung Parliament has led to the belief that the Brexit discussions have shifted from a hard to a soft stance, explained here.

In a rare move, the United Kingdom government Sunday announced the cancellation of the Queen's Speech for 2018 to give Parliament more time to push through controversial Brexit laws after Prime Minister Theresa May's election debacle. If she waters down her exit strategy - as her predecessor, David Cameron, has urged her to consider - that could set off a rebellion from hard-line "leave" supporters, including David Davis, the Cabinet minister responsible for negotiating Britain's withdrawal, and the foreign secretary, Boris Johnson.

The Prime Minister looks increasingly isolated.

Because things can change quickly and drastically, as evidenced by many unpredictable turns and twists since the Brexit vote in June previous year, including the recent snap election and its unanticipated result, it may be wise not to rule out anything. He holds a PhD in International Relations and researches and writes on a number of areas. GBP/USD hovered between 1.2763 and 1.2782 through the Asia Pacific trading Monday.