After nearly two years of negotiations, UK Prime Minister, the Right Honourable Theresa May MP, and the EU have reached a draft Brexit deal. Comprised of 585 pages, the deal includes visa changes and states that Britain will remain part of the single customs union and effectively prevents the emergence of a hard border with Northern Ireland.
‘The choice is this deal, which enables us to take back control and build a brighter future for our country, or going back to square one, with more division, more uncertainty, and the failure to deliver on the referendum’, Prime Minister May said.
This is the first time that the Prime Minister has acknowledged that Brexit could potentially not happen at all.
However, despite the reluctant approval of the plan by Cabinet on Wednesday, two Cabinet ministers and a number of members of the outer ministry later resigned, citing their belief that the deal was a betrayal of the British people and although the draft deal will still be debated by the Parliament, there is now uncertainty over whether agreement can be reached.
The resignations and ongoing indecision have further destabilised Prime Minister May’s leadership with some members of the Government calling on Ms May to resign.
With European stocks falling and a sharp drop in the pound following the resignations, the wider implications of Brexit for the global economy are yet to play out.
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