Wednesday, November 6

EU Allows UK Extension on Brexit

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October 28, 2019-The European Union agreed to allow the United Kingdom to extend its plan to leave the customs union as late as January 31, 2020.

That means that despite British Prime Minister Boris Johnson‘s pledge to take the U.K. out of the EU “do-or-die” by October 31, it is not going to happen.

Donald Tusk, president of the European Council, said on Twitter he plans to formalize the extension for Brexit in a written procedure.

The costs of a no-deal Brexit would have meant economic disruptions, food and fuel shortages, price spikes and blockages in ports and roads.

Johnson had negotiated a new withdrawal agreement with the EU, but he was unable to win the support of the British parliament for the plan.

Johnson has called for national elections to be held December 12. “The best way forward now for our country is to recognize that this parliament has frankly run its course, and it is time to have a general election,” he said.

Economic Damage Already Underway, Corbyn Says

UK Labour Party Leader Jeremy Corbyn said he would make sure a “no-deal Brexit” does not occur. He said examples of companies like Ford Motor Company is shutting down its plant in South Wales and others like Nissan in Sunderland and Airbus in North Wales are threatening to go.

“How irresponsible can you get as a government to stand by and watch that happening?” Corbyn said. “We will make sure No Deal is off the table.”

It is noteworthy, that Ford cited a downward trend in demand, rather than Brexit, as the reason for its closure, the BBC reported. But both Airbus and Nissan have raised concerns about a no-deal Brexit and indicated it impacts production decisions.

Meanwhile, former Prime Minister Tony Blair said the United Kingdom is experiencing problems related to globalization that Brexit cannot fix. He also warned that it would be more difficult for the United Kingdom to negotiate trade deals once it leaves the larger EU customs union.

“There have been real grievances and anxieties in the country,” Blair said in a radio interview. He indicated that many problems associated with globalization are causing stress, which the leaders should address with domestic-policy reforms. “Brexit solves nothing.”

EU Allows UK Extension on Brexit, Global Economic ReportCopyright secured by Digiprove © 2019 Patti Mohr
, EU Allows UK Extension on Brexit, Global Economic Report

Patti Mohr

Patti Mohr is a U.S.-based journalist. She writes about global diplomacy, economics, and infringements on individual freedom. Patti is the founder of the Global Economic Report. Her goal is to elevate journalistic principles and share the pursuit of truth in concert with others.

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