Six UK Government Ministers Quit Over Brexit: Pound Slammed, Deal in Doubt
Mike Mish Shedlock
The Wall Street Journal reports U.K.’s Brexit Deal in Jeopardy as Senior Ministers Resign.
> Six government ministers, including Brexit Secretary Dominic Raab, one of the architects of the deal, quit Thursday as the prime minister faced a barrage of criticism over the plan in Parliament, raising the possibility that she could face a challenge to her leadership.
> The pact has drawn fierce opposition from both within her Conservative Party and the Labour Party opposition. In addition to Mr. Raab, Esther McVey, the U.K. pensions secretary, also resigned from Mrs. May’s cabinet.
> “It is mathematically impossible to get this deal through,” said Mark Francois, a euroskeptic Conservative. Mr. Francois said he estimates that more than 80 Tory lawmakers are prepared to vote against the deal, as are Mrs. May’s allies in the Democratic Unionist Party and opposition parties. “The stark reality, Prime Minister, is that it was dead on arrival.”
> A Conservative Party leadership challenge can be triggered if 48 Tory lawmakers submit letters of no confidence to a special committee. Even if such a challenge emerges, it is unlikely that a majority of Tories would then vote in favor of ousting her from office. However, a rebellion of 48 lawmakers would mean Mrs. May wouldn’t have the support within her own ranks to get a Brexit deal voted through Parliament.
> Jeremy Corbyn, the leader of the main opposition Labour Party, said his party would vote against the proposed agreement. “The government must withdraw this half-baked deal,” he said in the House of Commons.
Wow. Imagine both Republicans and Democrats laughing at Trump that way in Congress.
May was openly, and deservedly laughed at.
There is a slightly different and arguably better video in the WSJ article.
Please play at least one of them.
The Financial Times reports Pound Falls Sharply After Ministers Quit Over Brexit Deal.
What's Wrong With the Deal?
- It potentially keeps the UK in limbo perpetually.
- While in limbo, the UK has to keep paying the EU for access
- While in limbo, the UK has no voting rights
- It does not solve the problem with Ireland, it only works out a temporary arrangement.
- The deal leaves the UK at the mercy of the ECJ, the European Court of Justice, an EU body.
What's Right With the Deal
In a word, nothing.
In a sentence, the deal stinks to high heavens so badly, it's hard to see how anyone could like it.
In a paragraph, it temporarily solves a few issues, but at enormous expense. It puts the UK at the mercy of the EU for years. Given that it solves no problems, but forces the UK to keep paying a Brexit bill, the EU will not agree to any changes that are not in its favor.
Best Deal Possible?
Theresa May says “The choice is clear: We can choose to leave with no deal. We can risk no Brexit at all. Or we can choose to unite and support the best deal that can be negotiated. Voting against a deal will take us all back to square one.”
Let's give May the benefit of the doubt: Assume this is the best deal the EU would agree with.
Would you buy a stinking kettle of fish if that was the only fish available, or would you buy something else?
May's Square One Lie
May is a liar. Rejection of this deal is not a return to square one.
In fact, both the UK and the EU are making preparations for a hard Brexit. Procedures covering worker's rights, trade through the tunnel, air traffic etc., are all in the works. The longer this goes on, the less scary a hard Brexit becomes.
That indeed is the reason for May's gambit. She needs to scare the begeebies out of everyone for political fame: "I worked out a deal, hurray!"
Some deals are so bad they must be refused.
The UK should take a pass on this rotten kettle of fish.
Mike "Mish" Shedlock