As Theresa May’s reputation continues to take hits, she has decided to put Brexit talks in the EU’s control. The hostility between Britain and the European Union reached an all-time high last week, leading to May’s plea for the EU to initiate further talks. The Prime Minister’s request can either result in a negotiation breakthrough or a downward spiral.
Brexit Talks Break Down
It has been more than a year since the Brexit vote was passed, declaring a divorce from the European Union. And since the negotiations between the two sides began, there has been very little movement and progress. Compromising on 40 years of union agreements was never expected to be an easy process, but May has looked weaker than ever as she fights for Britain’s exit terms. If the EU starts leading the Brexit talks, perhaps the negotiations can begin to progress.
It may be a too-little, too-late, last stand for May as she senses the talks going south. Her aides acknowledged that May’s previous October deadline will not be met by the EU. Differences between the two sides seem insurmountable at this point – the UK’s Phillip Hammond supports the status quo in the negotiations, while foreign minister Boris Johnson wants the Brexit talks to come to an end altogether. Can the two sides meet in the middle before Britain officially vacates the EU in 18 months?
Others Prepare For Final Brexit Terms
The exit terms could have more than just political ramifications. Companies have been fearing the economic impact throughout this process – how will Brexit affect trade and big business? Many banking corporations have already started to leave the area, assuming the country will be stuck in financial quicksand for many years to come. Aerospace manufacturer BAE Systems is the latest company to express doubt in the UK’s financial future. BAE recently announced plans to cut upwards of 1,000 jobs, which only adds to the hysteria surrounding negotiations.