Brussels Hopes that the House of Lords will Resume Negotiations
Boris Johnson, the British Prime Minister, declared the negotiations with the EU broken last Friday. Still, the controversial Internal Market Law that broke the two blocs’ agreement reached the House of Lords. The Tories, Britain’s oldest and most successful party, do not have a majority there. It will foreseeably be retouched in its most controversial aspects to straighten Brussels negotiations and arrive in time to ratify a peaceful Brexit.
New clash spurred between the British and EU bloc. Boris Johnson gave up the talks to reach an agreement for an agreed Brexit last Friday. However, the ways of leaving the United Kingdom are inscrutable for both parties. Moreover, the PM finds himself unable to escape the negotiations.
Johnson tried to blow up Brexit with the Internal Market law, bypassing his agreement with the EU to orderly exit and maintain commercial relations with the single market. But this Monday, the opportunity arises to be amended in the House of Lords, where the Tories do not have a majority. Brussels hopes that the most damaging parts against the agreement will be modified to resume negotiations.
EU will have talks with London this week
The European Commission took legal action against the UK. Particularly, after the House of Commons passed the law. The Lords will not overthrow Johnson’s legal package. But they will force to reform the parts that violate the Exit Treaty signed with the EU, especially those referring to Northern Ireland. It should force Johnson to resume negotiations with Brussels.
For many analysts, the Internal Market law was a provocation by the Prime Minister to renegotiate the conditions of Northern Ireland. Northern Ireland has been commercially separated from the rest of the United Kingdom in the divorce treaty. The bill, currently under speculation in the House of Lords, gives the government the power to rewrite trade rules with Northern Ireland unilaterally.
If the Lords modify the law, it will go back to the Commons to be ratified. In practice, it represents an obstacle and blocking the possibility of a chaotic Brexit. This recurring nightmare hits Johnson, who will likely extend the Brexit deadlines. Therefore, going against his word.
The heads of the United Kingdom teams and the European Union will have a telephone conversation soon. Michel Barnier, the EU chief negotiator, stated that the EU remains available to intensify talks in London this week, on all issues, and on the basis of legal texts.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest updates on the topic, just follow FinanceBrokerage on Google News.