As European markets worry about a no-deal Brexit, British Prime Minister Boris Johnson has decided to unveil an ultimatum Brexit plan to the European Union last Wednesday.
This was the worst case scenario traders and financial experts were fearing, as this would mean there would be no compromise to trade between the European Union and the United Kingdom.
French president Emmanuel Macron said he would let know Boris Johnson if the EU accepts his deal. As the UK’s PM has the option to postpone the date of Brexit’s launch on October 19th, a special summit in Brussels on October 17th and 18th should finalize the deal.
Johnson imposes the no-deal
As Boris Johnson was part of the Brexit campaign, the current prime minister has heavily insisted on finalizing a no-deal Brexit.
“After three and a half years people are beginning to feel that they are being taken for fools,” Johnson will say. “They are beginning to suspect that there are forces in this country that simply don’t want Brexit delivered at all.”, he said, reports Bloomberg.
— Boris Johnson (@BorisJohnson) October 6, 2019
According to him, his plan is “fair and reasonable compromise”, he said during the Conservative Party’s annual conference in Manchester. On October 6th, he promised a Brexit “done” by October 31st.
Irish border is the burning topic
Moreover, Boris Johnson has confirmed to the press that negotiating with the European Union was not an option on the table.
His plan has unveiled three main resolutions. First, the United Kingdom – including Northern Ireland, will reinstalled its separate British customs, just like before the Schengen space. Secondly, the border between Ireland and Northern Ireland will be reestablished in about four years.
“British Ministers are also considering a range of new ‘sweeteners’ to offer Dublin, including a commitment to help to fund any infrastructure needed to enforce customs checks between Northern Ireland and the Republic.” https://t.co/Z01Z2AD9dM
— Tony Connelly (@tconnellyRTE) October 7, 2019
Last but not least, regions will have their say for each custom regulations, especially in Northern Ireland, where residents come and go across the border on a daily basis for work – which has already alerted economist.
Read on Alvexo: “Brexit Faces U.S New Trade Deals and EU’s Skepticism”
Macron wants to finalize soon
On October 7th, a source coming from the Elysée said that French President Emmanuel Macron would like to finalize negotiations by the end of the week.
As negotiations could be postponed by October 11th, France is trying to put an end to the negotiations – as a no-deal Brexit looks more and more likely. European leaders are set to meet on October 17th and 18th.
The EU will decide whether a Brexit deal is possible at the end of the week, says France's Emmanuel Macron https://t.co/QEnydEu1P4
— BBC Politics (@BBCPolitics) October 7, 2019
While the BBC has compared Brexit’s final days to the last scene of Quentin Tarantino’s movie Reservoir Dogs, a French anonymous official confirmed to the BBC “that the negotiations should continue swiftly with Michel Barnier’s team in coming days, in order to evaluate at the end of the week whether a deal is possible that respects European Union principle.”.
So far, Johnson asserted that he was inflexible on the “two-border solution”, which could severely hinder both the UK and Ireland’s economies.
According to a study published by the Washington Post, reestablishing the border would cost €3.3 billion.