Theresa May addressed the House of Commons on Thursday afternoon following negotiations of her Brexit plan. She must now work to persuade her MPs to support her draft deal and push it through parliament. This is despite strong opposition within the Commons from both MPs in favour to leave and remain in the European Union.
With the news that a Brexit deal had been reached, the GBP against the USD was boosted, trading as high as 1.2928. This is despite no exact details of the agreement being released as of yet. The GBP/USD is currently trading around 1.2860, which is up by 0.7%.
Theresa May’s Brexit plan has been criticised by many MPs from all parties.
The prime minister said:
“The text has now been agreed between the US and the European Commission.”
“The draft text agreed is a good deal, it honours the vote of the British people by taking back control of our borders, law and money.”
“It ends free movement once and for all, instead we will introduce a new skill-based immigration system.”
“It ends jurisdiction of the European Court of Justice in the UK. It also means an end of sending vast amounts of money to the EU.”
Moreover, the PM announced that she had agreed on a deal which will create a free trade area with the EU. Indeed, she told MPs that she would be able to negotiate and implement trade deals. With regards to the fishing industry, she announced that Britain would be an independent coastal state.
However, Theresa May faced a strong backlash from Labour party leader Jeremy Corbyn who branded the draft deal “26 pages of waffle”.
“It’s clear nothing has been agreed,” he added. “This empty document could have been written two years ago.”
“19 extra pages but nothing has changed. The only certainty contained within these pages is that the transition period will have to be extended or we will end up with a backstop and no exit.”
“It represents the worst of all worlds, no say over the rules that will continue to apply and no certainty to the future.”
However, the PM insisted it “delivers for the British people”.
May added:
“The negotiations are now at a critical moment and all our efforts must be focused on working with our European partners to bring this process to a final conclusion in the interests of all our people.”
“The British people want Brexit to be settled, they want a good deal that sets us on a course for a brighter future, and they want us to come together as a country and to move on to focus on the big issues at home, like our NHS.”
“The deal that will enable us to do this is now within our grasp. In these crucial 72 hours ahead, I will do everything possible to deliver it for the British people.”
Theresa May will return to Brussels on the weekend to continue talks with Juncker.
