European Union lawmakers say Brexit won't pass without backstop


"It's a disgrace that more than two years after the result of the 2016 referendum, businesses still can not plan properly for the future", Enders said in a videotaped message posted on the site of the European group.

Business leaders have expressed growing worry about the lack of progress in securing a Brexit trade deal before March 29, the day of Britain's planned exit from the EU.

Today's intervention by Tom Enders in which he also said "Don't listen to the Brexiteers' madness which asserts that, because we have huge plants here, we will not move and we will always be here. But leaving without a deal would undermine our future prosperity, and would equally represent a betrayal of the promises that were made", he told a Confederation of British Industry (CBI) event at the World Economic Forum in Davos.

Auto makers and other manufacturers, including Airbus earlier on Thursday, have warned about the toll a no-deal Brexit could impose, including higher tariffs, disruption to supply chains and threats to jobs.

The PM invited a string of union leaders to Number 10 as part of her bid to get widespread political backing for a Brexit plan that could command a majority in the Commons after her deal was overwhelmingly rejected by MPs last week.

French businesses working with British contractors or suppliers should now be actively seeking out alternatives, the French government has said, as it further ramped up preparations for a no-deal Brexit that it sees as increasingly likely.

Miles Celic, chief executive of TheCityUK, which promotes Britain's financial services overseas, said there is no appetite in the industry to take a bulldozer to current rules.

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At present, goods and services are traded between the two jurisdictions on the island of Ireland with few restrictions.

Ireland has agreed with the European Commission to step up preparations for Britain possibly leaving the EU without a deal to smooth its departure, a spokesman for the EU executive said on Friday.

"The BSG insists that, without such an "all-weather" backstop-insurance, the European Parliament will not give its consent to the withdrawal agreement", said a statement on the parliament's website.

But she added: "Unfortunately we are rolling ever closer to the edge of a cliff".

Last week France triggered a €50m (£44m) plan for no-deal after the United Kingdom parliament overwhelmingly rejected Theresa May's proposed deal.

Global trade secretary Liam Fox, speaking at Davos, repeated his commitment to ensuring that the UK's 40 worldwide trade deals, signed via the European Union, will continue to apply after Brexit.

He acknowledged it would be "more difficult" to ensure payment of the money in a no-deal scenario, but added: "We will continue to insist: these commitments are of a legal nature in global law and I do not imagine that the British will not respect their worldwide commitments". But even so, if price pivots back towards the 200-day MA and broken trendline resistance, I would expect dip buying near those levels as buyers are looking increasingly confident that the Brexit outcomes are going to be more pound-positive.