Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UK's Brexit hardliners agree to vote for EU trade deal

Published 12/29/2020, 11:13 AM
Updated 12/29/2020, 11:25 AM
© Reuters. FILE PHOTO: EU Commission President von der Leyen and British PM Johnson meet in Brussels

By Paul Sandle

LONDON (Reuters) - A group of staunchly pro-Brexit lawmakers from Prime Minster Boris Johnson's Conservatives will back his UK-EU trade deal in parliament on Wednesday after they decided the agreement preserved the UK's sovereignty.

The European Research Group, which sees threats to British sovereignty from close ties to the European Union, said it was satisfied with the deal which Johnson reached on Dec. 24 with European Commission President Ursula von der Leyen.

"Our overall conclusion is that the agreement preserves the UK's sovereignty as a matter of law and fully respects the norms of international sovereign-to-sovereign treaties," the group's legal advisory committee said.

"The 'level playing field' clauses go further than in comparable trade agreements, but their impact on the practical exercise of sovereignty is likely to be limited if addressed by a robust government."

It added that the level playing field did not prevent Britain from changing its laws as it saw fit, at a risk of tariff countermeasures. If those were unacceptable the agreement could be terminated with 12 months' notice.

British lawmakers will on vote on the deal on Wednesday, less than 48 hours before transition arrangements between Britain and the EU expire.

The opposition Labour Party has said it will back the deal, making it almost certain to pass into law regardless of the support of Conservative lawmakers from the ERG.

© Reuters. FILE PHOTO: EU Commission President von der Leyen and British PM Johnson meet in Brussels

The ERG was long a thorn in the side of Johnson's predecessor, Theresa May, and - aided by a Labour Party focused on overturning her minority government - had blocked efforts to preserve closer economic ties with the EU.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.