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

UK-EU Brexit bill resolves 'vexed' European question - Johnson

Published 29/12/2020, 22:39
Updated 30/12/2020, 04:50
© Reuters. FILE PHOTO: Britain's Prime Minister Boris Johnson holds a news conference in London

LONDON (Reuters) - Britain will be able to trade with its European neighbours and keep control of its laws and destiny, Prime Minister Boris Johnson will say on Wednesday before lawmakers vote on the Brexit deal he clinched at the eleventh hour.

The accord struck on Dec. 24 preserves Britain's zero-tariff and zero-quota access to the European Union's 450 million consumers, preventing the chaotic split business had feared.

But it does not cover services, which make up 80% of the British economy, and trade in goods will still be hampered by red tape and higher costs.

Johnson, however, will say the deal resets Britain's relationship with its neighbours, ending its "half-hearted" membership of the European club and instead becoming a sovereign equal able to do things differently.

"Those of us who campaigned for Britain to leave the EU never sought a rupture with our closest neighbours," he will say according to excerpts released by his office.

"What we sought was not a rupture but a resolution, a resolution of the old and vexed question of Britain's political relations with Europe, which bedevilled our post-War history."

The deal, agreed more than four years after Britain narrowly voted to leave the bloc and as the clock ticked down on standstill arrangements, will open a new chapter, he will say.

"Now, with this Bill, we shall be a friendly neighbour – the best friend and ally the EU could have – working hand-in-glove whenever our values and interests coincide while fulfilling the sovereign wish of the British people to live under their own laws, made by their own elected Parliament," he will say.

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

The Brexit hardliners in Johnson's party agreed on Tuesday to back the deal, in effect guaranteeing its endorsement just a day before transition arrangements expire.

It was already set to become law after the opposition Labour Party said it would vote in favour.

Latest comments

Well done Boris, you have set in motion the break up of the UK
So be it. Bad in the short term but as an Englishman who voted for brexit i cannot in good conscience deny the Scottish their opprtunity to gain independence. And if they do decide to break away then we will finally be rid of their constant whinging in parliament, sick of the sound of them to be frank.
and the eu
England has a nominal GDP 10 times larger than scotland (the second largest economy in the UK). So if any country decides to leave the UK we’ll do just fine 😂
Red tape and higher cost! Finally as suspected EU got the upper hand.
What happen to eur usd now :) bull or bear
well done Johnson and Team!
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.