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Brexit moved to the end of October. The pound remains stable.
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Brexit moved to the end of October. The pound remains stable.

created Michał SielskiApril 11 2019

European leaders were unanimous and agreed to postpone the deadline for Brexit, i.e. Britain's exit from the European Union. It will not have to happen on April 12, the British have until the end of October this year. The head of the European Council is responsible for this, Donald Tusk, who did not agree to the proposal of Prime Minister Theresa May, opting for a Brexit shift to the end of June. The pound - once again - did not react to this information.

The European Union summit, during which the date of the Great Britain's accession from the European Union was negotiated, lasted almost eight hours. Earlier unofficial conversations were held. All this so that no worries about the so-called hard Brexit, that is, leaving the community by the British without a contract. Looking at the pound rate, it can be said that it worked. The British currency practically did not react both to leaks from negotiations and their final effect. Not the first time anyway, because already the last requests of Theresa May for moving the date of Brexit did not provoke emotions on the currency market.

gbpusd chart

GBP / USD H4 chart, source: XTB xStation

Brexitu will not be? Will Britain stay in the EU?

- It's a good compromise, a chaotic Brexit has been avoided - Prime Minister of Poland Mateusz Morawiecki stressed.

The head of the Council of Europe Donald Tusk is even more optimistic. In his statements, he emphasized that he hopes that Great Britain will remain in the European Union.

Brexit's date was not unambiguous

The negotiations lasted eight hours not only because the politicians had to show off their oratory skills. They also differed in fundamental terms. Germany and Poland opted for a one-year extension of Brexit, while France demanded the shortest possible deadline - even a few weeks. Ultimately, a compromise was reached, which is October 31, 2019. It is also not rigid, Great Britain may leave the European community earlier, and the condition is that the Brexit agreement is approved by the British parliament.

- The choice we are facing is clear. The schedule is clear. We must now multiply our efforts to forge a consensus around an agreement that is in our national interest. I am not pretending that the next few weeks will be easy, nor that there is a simple way to break the stalemate in parliament. But as politicians, we have a duty to find a way to fulfill the democratic wish expressed in the referendum- summed up the European summit of British Prime Minister Theresa May.

Morawiecki: we must protect Polish citizens

Poland was for Brexit as long as possible, mainly due to the fact that thousands of our countrymen work in Great Britain. For them, living and working on the islands could be difficult, or even impossible, if Brexit came without a contract with the EU.

- We have done our best to find a deadline that is sufficiently distant, which will give Prime Minister May a chance to get out of the ratification deadlock. Six months is enough time to find support for a Brexit deal. She [Brexit deal - red] protects the rights of Polish workers, Polish citizens who are in Great Britain, live there, work and live there - emphasizes the Polish Prime Minister.

Tusk: Let the British think Brexit again

You are somewhat of the opinion of the President of the European Council, Donald Tusk, who still delights that the United Kingdom may remain in the European Union.

- Six months is a long time to rethink the entire Brexit strategy and there may be some unexpectedly optimistic changes in British thinking. This is my quiet dream. Perhaps the British will change their minds. Certainly it is easier to get in 6 months than in 6 days - claims Donald Tusk.

Further talks about Brexit in June

The next European Union summit on Brexit will take place in June. European leaders will then assess the situation of Great Britain, because by then a lot will happen. The date 22 May is crucial, because the British must approve the Brexit deal by that date. If they do not do this, 23 may have to hold elections to the European Parliament, which Prime Minister Theresa May wants to avoid. If the agreements do not approve and still do not carry out the elections, 1 June will cease to be a member of the European Union in the prescriptive mode.

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About the Author
Michał Sielski
Professional journalist for over 20 years. He worked, among others, in Gazeta Wyborcza, recently associated with the largest regional portal - Trojmiasto.pl. He has been present on the financial market for 18 years, he started on the Warsaw Stock Exchange when the shares of PKN Orlen and TP SA were just being introduced to the market. Recently, his investment focus has been exclusively on the Forex market. Privately, he is a parachutist, a lover of Polish mountains and a Polish karate champion.
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