UK-EU divorce back on as Brexit deal is reportedly reached

Last minute agreement still faces major questions, objections on both sides of channel

Associated Press
October 17, 2019 - 8:13 am

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(AP) -- French President Emmanuel Macron has welcomed the new Brexit deal but warned that the agreement still faces major hurdles in both the U.K. and EU parliaments.  

Speaking after the new deal between the European Union and the British government was announced, Macron told reporters that "based on past experience we have to be reasonably cautious.''  

He noted that a deal can only be secured if both the British and European parliaments back the agreement.  

The president of the EU parliament is expected to signal later Thursday whether there is enough time for the assembly to give its green-light before the Brexit deadline of Oct. 31.  

Macron said the deal "allows us to respond to the political and technical concerns that both we and the British share.''  
  
The pound has given up the gains it made after the announcement of a Brexit agreement between Britain and the European Union as a small but important Northern Ireland party voiced opposition to the deal.  

The pound, which earlier struck a five-month high at $1.2941, was trading 0.3% lower on the day at $1.2789 after the Democratic Unionist Party confirmed it won't vote for Johnson's Brexit deal in Parliament, saying it is not "in Northern Ireland's long term interests.''  

Because Johnson's Conservative Party is far short of a majority in the 650-seat chamber, he will struggle to get his deal over the line without the DUP's support.  

The DUP has 10 votes in the 650-seat chamber and has the potential to unlock votes from hard-line Brexiteers in the Conservative Party.  
 

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