Brexit assurances significantly reduce risk of being trapped in backstop -Cox

Finally, a Big Week for Brexit

The GBP/JPY cross plunged back below the key 145.00 psychological mark in the last hour, albeit quickly recovered few pips thereafter.

The advice echoes warnings from three of Britain's most senior experts in European and global lawon behalf of the People's Vote campaign.

"This evening's agreement with the European Commission does not contain anything approaching the changes Theresa May promised parliament", said Labour leader Jeremy Corbyn. "Now is the time to come together, to back this improved Brexit deal, and to deliver on the instruction of the British people".

The Attorney General said additions to the Brexit deal secured by the Prime Minister in last-minute talks with the European Union on Monday night "reduce the risk" of the insurance policy for the Irish border in the vent that Brussels acts with "bad faith or want of best endeavours" in negotiations on a future trade deal.

Meanwhile, JR Zhou, market analyst at Infinox, said markets were "convinced" that the deal does not have the numbers to pass and added that May's speech to the Commons "has now been thrust firmly into Hail Mary territory - a last-ditch effort to sell a seemingly unsellable deal to MPs". The Irish backstop is the insurance policy that the border between the Irish Republic and Northern Ireland, which is part of the United Kingdom, will remain as it is, with no border checks.

British Attorney General Geoffrey Cox said on Tuesday that the newly secured legally binding changes to the Brexit deal will "reduce the risk" of his country being indefinitely and involuntarily held in the Irish backstop.

"The joint instrument also gives a legal commitment that whatever replaces the backstop does not need to replicate it".

However, if MPs vote no to her deal it will mean another vote this time on whether to leave the European Union without a deal. "We have a deal on the table which does exactly do this". Even with updated language on the Northern Ireland border, the vote could still fail, as most of the 585-page withdrawal agreement from January remains intact.

Mr Cox's advice is likely to weigh heavily on MPs when parliament votes on the new version of the deal on Tuesday.

If Parliament rejects the no-deal option, MPs would then face a vote on Wednesday or Thursday if they wanted to pursue a "short limited extension to Article 50", at which point, May would contact the see if Brussels would okay a delay to the process, which began with the initial vote to leave in June 2016.



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