GBP lower as Brexit fears reemerge; Brexit “Plan B” presentation

Market Recap

It looks like maybe the optimism surrounding the Brexit negotiations faded a bit and people are starting to doubt whether in fact they are headed for a successful conclusion. PM May will reveal her “Plan B” to Parliament today. Given that “Plan A” was rejected by the largest vote in Parliament’s history, one might expect that the new plan would have to include some pretty substantial changes in order to win acceptance. But that would require renegotiating the agreement with the EU, which is not going to happen. “There’s no negotiation between the UK and EU — that’s finished,” said Sabine Weyand, the EU’s deputy chief negotiator. “We are not going to reopen the agreement.” PM May can propose whatever she wants, but can she deliver? No. It looks to me like if MPs don’t agree on the one plan that’s on offer, it will ultimately lead to a “hard Brexit,” i.e. crashing out of the EU without any agreement.

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