May's Brexit plan goes pop after "humiliation" by EU, British media says

Credit: Reuters Studio
Published on September 21, 2018 - Duration: 01:48s

May's Brexit plan goes pop after "humiliation" by EU, British media says

The pound is the only loser against the dollar on currency markets on Friday as the British media declares Prime Minister Theresa May's Brexit proposals dead after her failure to extract any substantive support from EU leaders at a summit in Salzburg.

Francis Maguire reports.


May's Brexit plan goes pop after "humiliation" by EU, British media says

Theresa May woke to difficult headlines in the British press on Friday, some telling her 'your Brexit's broken'.

The British prime minister hoped to leave a Salzburg summit in triumph on Thursday, With ringing endorsements from European leaders.

Instead, her so-called Chequers proposals were harshly criticised by the EU's big hitters.

President Macron bluntly called them 'unacceptable'.

And the question of how to keep trade flowing between southern and Northern Ireland remains divisive.

(SOUNDBITE) (English) CIBC HEAD OF FX STRATEGY, JEREMY STRETCH, SAYING: "You could have argued it was relatively paralysed even before yesterday's events, the Chequers plan as it stood appears to have very little life, very little latitude, and so the question is how is the government going to deal with this." After a recent run of gains, sterling fell from near two-month highs as uncertainty once again set in.

Britain is due to leave the EU on March 29.

And rivals within her own Conservative party are circling.

Former Brexit Minister David Davis says up to 40 hardline Brexiteer lawmakers are willing to vote down her plans.

(SOUNDBITE) (English) CIBC HEAD OF FX STRATEGY, JEREMY STRETCH, SAYING: "We're going to see further pressure on the prime minister to go back to looking to the Canada plus type free trade arrangement but of course that doesn't necessarily deal with Ireland and of course that doesn't involve frictionless trade either .

" The EU summit in Brussels on October 18-19 could be a 'moment of truth' for May.

Where she'll have to present fresh ideas for Brexit....and hope EU leaders support her.

Otherwise both sides face the possibility of 'No Deal'... Business leaders argue that could spark trade chaos - a fear dismissed by Brexit supporters as exaggerated - But one that's likely to weigh on a vulnerable pound and weakening economic confidence.

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