Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

EU's Tusk says Britain might yet back out of Brexit

Published 13/10/2016, 18:55
© Reuters. Britain's Prime Minister Theresa May (L) greets European Council President Donald Tusk in Downing Street in London

By Alastair Macdonald

BRUSSELS (Reuters) - Britain might ultimately decide not leave the European Union as the EU will not offer London any softer terms than a damaging "hard Brexit", Donald Tusk, who will run the negotiations for Brussels, said on Thursday.

The European Council president said such a reversal of the June referendum was improbable. But, mocking a Brexit campaign promise that Britons could "have their cake and eat it", he said Britain could not keep the trade benefits of EU membership while barring European immigrants and rejecting EU courts' authority.

"There will be no compromises in this regard," the former Polish premier said in a speech at the European Policy Centre.

"The brutal truth is that Brexit will be a loss for all of us. There will be no cakes on the table. For anyone," he said.

"If you ask me if there is any alternative to this bad scenario, I would like to tell you that yes, there is.

"And ... it is useless to speculate about 'soft Brexit' ... These would be purely theoretical speculations. In my opinion, the only real alternative to a 'hard Brexit' is 'no Brexit', even if today hardly anyone believes in such a possibility."

The idea Britain might not follow through on the vote to leave was raised by some EU leaders immediately after the shock of the referendum result. But few have voiced it lately as May has insisted she will honour the popular will, even though she campaigned with predecessor David Cameron to stay in the EU. The vote was also close, with 52 to 48 percent in favour of Brexit.

However, Tusk's comments came as the High Court in London began hearing a challenge to May's right to trigger the process without a vote in the broadly anti-Brexit parliament, and as Scotland's First Minister Nicola Sturgeon threatened a new independence vote by 2019 as a way to keep Scotland inside the EU single market if London takes a "hard Brexit" option.

Tusk, who will chair May's first summit next week with the 27 other EU national leaders, will work to broker a deal once she formally triggers a two-year negotiating process. She has said she will do that in the first quarter of next year.

Responding to a question, Tusk said his legal view was that if Britain unilaterally withdrew its request to leave before the two years were up, then it could stay in the Union. Others have argued that once the notification under Article 50 of the EU treaty is made, it can only be rescinded by mutual agreement.

© Reuters. Britain's Prime Minister Theresa May (L) greets European Council President Donald Tusk in Downing Street in London

But Tusk said he had not found any national leader who wanted Britain to quit and so London would find a welcome if it changed its mind. "If we have a chance to reverse this negative process, we will find allies," he said. "I have no doubt."

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.