Mayday for May

UK and EU officials have agreed the draft text of a Brexit agreement after months of negotiations. A special cabinet meeting will be held at 14:00 GMT today 14/11/2018 as Theresa May seeks ministers’ backing. The agreement is based on a UK-wide customs “backstop” aimed at preventing new border checks in Northern Ireland. The customs backstop is a mechanism to ensure there is no hard border in Ireland after Brexit. This has angered hardline Brexiters. Mr Boris Johnson does not want to be “a slave of Bruxelles” so any iniative developed by Theresa May was doomed to fail even though this agreed customs backstop will be only temporary. When the agreed UK-wide customs backstop will be terminated the UK would be allowed to move to a free trade deal, stay within the customs union arrangement or extend the transition period. This, of course, is not acceptable to Northern Irish politicians, some of whom have indicated they will not support the agreement.

It seems like a lost fight for Theresa May. Parliament still needs to give its approval and that will be an impossible hurdle to take. British Pound Sterling is falling which is good for UK, but bad for EU, companies. S&P considers to downgrade the UK even further below the present AA credit rating of the UK.

We should still base our business plans on a hard Brexit. Prepare your business for alternative sourcing and distribution and set up new alternative sales and marketing outlets in the UK and EU. Find new international export markets. List your business

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