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Earlier this week was reported that Theresa May and Jeremy Corby were discussing the possibility of working together to break the negotiations deadlock of passing through a workable trade deal. After the PM's proposal suffered three consecutive defeats in Parliament and she could not find sufficient support from the MPs of her own party, May decided to seek backing from the opposition. Jeremy Corbyn has also expressed readiness to support an amended version of the proposal, provided that the PM clarifies in advance the relationship that she intends the UK to have with the bloc after the official divorce.
After it became evident that May and Corbyn are still a long way from finding common ground, Donald Tusk offered a revised proposition for the British cabinet regarding an extended long-term divorce period. Such kind of a proposal is not likely to be accepted lightheadedly at 10 Downing Street, as Theresa May is constantly facing intensified demand from the Leave Campaigners for a swift and decisive Brexit, without any further postponing of the deadline. The mounting pressures, however, are likely only to increase the chances of a Hard Brexit, which is an alternative that even Boris Johnson is no longer endorsing wholeheartedly out of fears for the unclear future of the British economy.
On the other hand, it is becoming apparent that if the Tories and labour are to work together to deliver Brexit, both May and Corbyn are going to need more time to reach a compromised decision. That is why the PM requested the official deadline to be extended until June the 30t with her stating that she is still reluctant to allow the UK's participation in the upcoming elections for the European Parliament.
This request appears to be a desperate attempt by the PM to salvage more time, but her plea is in stark contrast to what everybody expects. On the one hand, the frustrations in the House of Commons with her multiple failures are mounting up, and several MPs have already resigned from the Tory party and this request for an extension is more likely to be perceived as a “request to prolong the inevitable” by the pro-Brexiteers in the leave campaign.
On the other hand, the EU commission has already explicitly stated that they would not accept a scenario where the UK remains a part of the bloc but does not participate in the Elections.
As Theresa May's options are rapidly dwindling and the deadline is fast approaching, the possibilities of a Hard Brexit are mounting up, and the PM might be forced to consider all options, that have been previously dismissed, including revoking Article 50 and having a second referendum.
Due to these recent developments, the GBPUSD has decreased with 0.63% in value during yesterday's trading session, following from 1.3157 to 1.3074.
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