May Says She Will Not Seek "Long Delay" To Brexit; Pound Slides

Zero Hedge | 3/19/2019 | Staff
Emzah92 (Posted by) Level 3
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The British Pound, which had comfortably assumed that the upcoming procedural delays had effectively put Brexit on hold indefinitely, slumped after PM Theresa May said she would not ask the EU for a long delay to Brexit - with some reports claiming she would only seek a 3 month extension - contrary to the market's expectations, opening up the possibility of the UK crashing out at the end of June.

The embattled PM who has mostly lost all control over the Brexit process, is due to write to the EU, seeking the agreement of all 27 other leaders to delay the U.K.’s departure beyond its scheduled March 29 date. But she “won’t be asking for a long extension” to the deadline, the Downing Street spokesman said.

Case - Parliament - Time - Way - People

“There is a case for giving Parliament a bit more time to agree a way forward, but the people of this country have been waiting nearly three years now. They are fed up with Parliament’s failure to take a decision and the prime minister shares their frustration.”

May, whose position is already extremely weak, may have been dealt a fatal blow to her premiership if she had been forced to concede that a longer delay might be needed to develop a completely new Brexit plan.

Delay - Certainty - Time - Hinds - UK

“I don’t see how a long delay gives certainty. Actually we’ve had a long time already,” Damian Hinds, UK education secretary, told the BBC on Wednesday. “You can’t keep kicking this ball further and further and further. You need to pick it up and run with it.”

However, as the FT notes, May’s decision to seek only a short delay removes the pressure from Eurosceptic Tory MPs to back her plan, since they might now simply run down the clock in expectation that Britain will leave without a deal at the end of June.

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