Published: Tue, September 18, 2018
Markets | By Otis Pena

International Monetary Fund chief warns of costs of no Brexit deal

International Monetary Fund chief warns of costs of no Brexit deal

She says members of parliament will get to vote on whether to accept any final deal.

Theresa May will use Tuesday's gathering in Salzburg, Austria, to make a direct pitch to fellow leaders to back her divisive Chequers proposals.

The IMF says that even if there is a deal, it would still come with economic costs for Britain, as it would mean more barriers to trade than the current situation.

PM Theresa May explains what the government has agreed, and what this means for us leaving the EU.

Simon Coveney, the Irish Foreign Minister, said: "We are not talking about technology to solve the border on the island of Ireland question".

"If you want to influence flows it is much better to vary things like the salary thresholds and the immigration skills charge than it is to have hard caps and quotas", he said.

Free movement from the European Union should end after Brexit and the United Kingdom should embrace a Canada-style system in which there is no preferential access to the labour market for citizens of any other country, according to the government's migration advisory committee (MAC).

"The ancestors of many people we represent fought alongside the British in two world wars, but are now forced to stand aside in favour of people with no connection to the United Kingdom".

May, the centre-right Conservative Party's leader, said she was focused on securing a Brexit deal rather than her own future, in a BBC television interview out Sunday.

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The vehicle will have a battery range of 240 miles to 400 miles per charge, depending on what kind of extras are ordered. On Monday, Tesla stock fell as much as 2 per cent before rebounding to close at $294.84, down by just 36 cents.

May's Conservative minority government includes a sizeable bloc of hardcore Brexiteers headed by Rees-Mogg and would likely need the support of the left-wing main opposition Labour Party, or a chunk of their MPs, to get her Brexit proposals through parliament.

Although she is signed up to the principle of a backstop if no better arrangement can be agreed, Mrs May has robustly rejected the version put forward by Brussels, which would see Northern Ireland remain within the European Union customs area and effectively draw a customs border down the Irish Sea.

May also insisted no other plan on the table would ensure "frictionless" trade in Ireland.

"These (the government's) are so far the only proposals that guarantee smooth trade between Britain and the European Union and take account of the specific problems in Ireland".

Reuters reported on September 12 that European Union officials were working on a sensitive Irish protocol to the draft Brexit treaty with Britain, as part of what Barnier has called efforts to "de-dramatise" the issue and get a deal.

Meanwhile, former foreign secretary Boris Johnson fired his latest attack on her plan in his weekly newspaper column, claiming it would usher in "foreign rule" for the first time since the Norman Conquest in the 11th century.

Keir Starmer, Labour's Brexit spokesman, said any EU deal must meet Labour's key Brexit tests, which include delivering the "exact same benefits" as Britain now has inside the single market and customs union.

Chancellor Sebastian Kurz of Austria - which now holds the bloc's six-month rotating presidency - will open the two-day summit on Wednesday evening in Salzburg.

"Even if that's what people want to do, it's hard to see how it could be done in time, and we wouldn't facilitate it", he said.

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