EU Grants Another Three Months Extension To Brexit

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The European Union granted the U.K. another three months to exit the bloc on Monday, Oct. 28.

What Happened

The U.K. Prime Minister Boris Johnson formally accepted the new deadline of January 31, 2020, agreed upon by the European Commission’s decision, BBC reports.
Britain has the option to exit the E.U. before this deadline if its parliament and the European parliament ratify a deal.
Johnson asked the E.U. to make it clear that it will not extend the deadline further. According to the BBC, the EU is unlikely to oblige. The bloc wants to avoid a no-deal scenario in case the British parliament can’t ratify Johnson’s proposal by January.
The EU further said that it isn’t open to renegotiating the “Brexit deal” agreed with Johnson.
It’s worth noting that the E.U. backtracked on a similar statement made on former Prime Minister Theresa May’s Withdrawal Agreement.

What’s Next

This is the third time that the E.U. has granted an extension to Brexit.
Last week, while considering the U.K. prime minister Boris Johnson’s Withdrawal Agreement, the members of parliament denied to fast-track it through the House of Commons.
The House of Commons also rejected Johnson’s bid to hold an early election on December 12 in the aftermath of the Brexit extension announcement. The MPs voted 299 to 70 in favor but fell 135 short of the two-thirds majority required by law.
The Prime Minister now seeks to amend the Fixed-Term Parliaments Act to allow an election on that date anyway, The Guardian reported.

Price Action

Pound Sterling (GBP) is at $1.2840, down by 0.17%, as of press time.

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