Search ForexCrunch

Aila Mihr, Analyst at Danske Bank, points out that the European Council formally endorsed the Brexit deal at a special summit on Sunday, after Britain and Spain reached an agreement over the future status of Gibraltar.

Key Quotes

“EU leaders were united in saying that it was the best deal on offer and made it clear that it cannot be renegotiated even if the UK parliament rejects it. A European Parliament vote is expected in February of March 2019, but before then the bigger hurdle for PM Theresa May looms in convincing a hostile House of Commons of the merits of her Brexit deal before the vote in December.”

“In a cabinet meeting today, she is expected to discuss the best strategy to avoid a defeat, before touring the country in the coming weeks to enlist support for her agreement among politicians and voters. Markets will also keep an eye on whether there will be a ‘no confidence’ vote in May and whether the supporting party, Ulster’s DUP, will pull its support for the government.”