Brexit Events To Watch This Week

The last week was quite eventful for traders who are interested in Brexit and devise their strategies as per the latest developments of the standalone event of irrefutable economic importance. While Ireland’s Taoiseach, Mr. Leo Varadkar announced last week that the path to an acceptable deal is getting clearer, with Prime Minister Johnson echoing the same optimism, Democratic Unionist Party (DUP) leader, Ms. Arlene Foster, declared that a deal that expects Northern Ireland to remain with the European Union (EU) while the rest of the United Kingdom (UK) departs, is not going to be acceptable.

Queen Elizabeth II To Deliver A Speech Today (October 14^th, 2019)

With the start of a new week, all eyes are now set on the upcoming Brexit events that may shed light on where the negotiations are headed and what could be expected moving ahead. The Queen of the United Kingdom is set to deliver a speech today, Monday, October 14^th, 2019, that is expected to highlight the post-Brexit plans for the UK. There are reports of the legislative agenda for Boris administration to be conceived from the Queen’s speech. A new parliament session is then expected to hold a debate among the MPs regarding the content of her speech.

With an aim to work out an acceptable deal for all concerned parties before the summit for EU leaders later this week (Thursday & Friday), the negotiators from the EU and the UK will hold the final meeting today, in Brussels.

In a special parliament session scheduled for Saturday, October 19^th, 2019, Prime Minister Boris Johnson will have to present the withdrawal agreement for a vote, in an event that he succeeds in striking a deal with the EU. Otherwise, in compliance with the Benn Act, he will have to petition the EU to further postpone Brexit.

Prime Minister Johnson’s Revised Proposal Is Partially Acceptable

According to Michel Barnier, lead negotiator for the EU, Mr. Johnson’s revised proposal is only partially acceptable, as per the BBC report from Brussels. In a discussion with EU diplomats on Sunday, he highlighted that the clause that makes Northern Ireland liable to abide by the EU customs procedures while remaining in the customs territory of the United Kingdom is acceptable. UK’s authority in tracking the goods in Northern Ireland, however, remains to be a gap needs to be filled before a deal can be finalized.

The EU negotiators had previously dictated that a pragmatic deal must be proposed at least a week ahead of the EU summit in Brussels. Owing to the partial agreement, however, they have accepted to hold further discussions till Wednesday, a day before the summit begins.

The current deadline for the UK to depart from the EU, with or without a deal, is 23:00 GMT on October 31^st, 2019.