Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

EU "ready to examine" more Brexit assurances to Britain - draft

Published 13/12/2018, 08:32
Updated 13/12/2018, 08:32
© Reuters. FILE PHOTO:  An anti-Brexit demonstrator wears a Union flag decorated with the stars of the EU flag opposite the Houses of Parliament in London

By Gabriela Baczynska

BRUSSELS (Reuters) - The European Union "stands ready to examine whether any further assurance can be provided" to Britain over the Irish "backstop" and their tentative divorce agreement, a draft seen by Reuters showed on Thursday.

The draft, a six-point document the EU is preparing for British Prime Minister Theresa May on Thursday to help convince the divided UK parliament to approve their Brexit deal, said any such assurances would not "change or contradict" the agreement.

The other 27 EU states are not yet in agreement on large parts of the draft text and diplomatic sources expected it to change considerably. The paragraph on the EU's readiness to provide more assurances to Britain was likely to change later in the day because of opposition from Ireland and others.

Several EU diplomatic sources said Britain was seeking to terminate the backstop after three years.

There was no immediate confirmation from the British side but the draft EU text had no end-dates and only reiterated the bloc's long-standing line:

"The European Council underlines that the backstop does not represent a desirable outcome for the Union. The backstop is only intended as an insurance policy ... It is the Union's firm determination to work speedily on a subsequent agreement."

Even if triggered, the backstop would "apply only temporarily unless and until it is superseded by a subsequent agreement," the draft said.

The bloc also commits in the document to "best endeavours" to swiftly agree a new EU-UK deal even after the backstop is triggered "so that it would only be in place for a short period and only as long as strictly necessary."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

May is going to Brussels on Thursday for a two-day summit of all the bloc's 28 national leaders that will be dominated by Brexit.

After listening to May and asking her questions, the other 27 leaders will stay in the room and try to agree on what to offer her.

Beyond the backstop, the draft currently reiterates that the EU wants to build "as close as possible a partnership" with Britain in the future, promises swift EU ratification of the tentative Brexit deal but also calls for preparations for a no-deal Brexit.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.