The warnings come amid growing fears Theresa May’s deal will be voted down by rebel MPs, alongside the warning from the Bank of England on Wednesday no-deal Brexit could plunge the UK economy into recession. Sterling was trading down 0.5 percent against the US dollar at $ 1.2760 and by the same margin against the euro at 89.14 pence. Fears around a no-deal Brexit had sent the pound falling to a two-week low earlier this week before it regained some losses.
Currency analysts warned the pound is unlikely to recover before the ‘meaningful vote’ in the House of Commons on December 11 and to expect much more volatility in the currency going into 2019.
Lefteris Farmakis, a strategist at UBS, said: “Risks are unusually high and tilted toward more Sterling downside. The outlook for Sterling for 2019 is clouded by significant uncertainty with respect to near-term Brexit developments.”
Lee Hardman, FX strategist at MUFG in London, said: “It looks on paper like parliament is going to vote against the deal, which will lead us into heightened uncertainty.”
Chris Turner, foreign exchange strategist at ING Bank, said: “Expect much more GBP volatility ahead of the December 11th vote.”
Brexit latest: There are fears the pound could plummet as Theresa May fights for her Brexit deal
Yesterday, Bank of England governor Mark Carney was accused of stoking “project hysteria” after publishing an analysis of a no-deal Brexit’s impact of Britain’s economy.
Critics rounded on Mr Carney’s “doomsday” scenario, with the governor claiming the UK faces the worst recession since the Second World War.
Under Mr Carney’s worst-case analysis, property prices would plunge by almost a third, the pound would dip below parity with the dollar and interest rates would soar.
One minister branded it “bonkers”, while ex-Bank of England monetary policy committee member Andrew Sentance attacked the analysis as “highly speculative and extreme”.
Jacob Rees-Mogg attacked the Bank of England’s analysis as “hysterical”.
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Brexit latest: Michael Gove revealed Emmaneul Macron was left “speechless with rage”
9pm update: Tory MP who rebelled against May has now BACKED her deal
Antoinette Sandbach had last year threatened to block the Prime Minister’s EU withdrawal plans last year labelled the current deal “not perfect” but warned voting against it would be “hugely destructive”.
The MP for Eddisbury said: “We should not allow the best to be the enemy of the good. This deal is not perfect, but the Prime Minister has done remarkable work putting together a compromise as good as this.
“The agreement does not give any one group everything they want, but it does have something for everyone.
“It puts in place controls on migration, protects jobs in the manufacturing industry and frees us from the political institutions of the EU.
“Most of all it gets us out of the EU, and it respects the referendum result.”
Brexit latest: Nicola Sturgeon is furious at the TV debate between Theresa May and Jeremy Corbyn
8.30pm update: Thomas Cook’s rating lowered to ‘negative’ – Brexit uncertainties in the UK tour operator market
Thomas Cook has had its outlook lowered from ‘stable’ to ‘negative’ by credit rating agency S&P Global after the company reported a sharp fall in earnings and cut its profit forecast.
S&P said: “We expect full-year 2019 to be challenging, with evidence already of softer winter bookings, continuing difficulties in the UK tour operator market exacerbated by uncertainties around Brexit, and the ever-present event risk in the travel industry.”
Earlier today, Thomas Cook unveiled a loss after tax of £163 million for the year to September 30, compared with a profit of £9 million during the same period 12 months earlier.
The company had said in an unscheduled statement on Tuesday that underlying earnings were £58 million lower at £250 million.
Revenue increased six percent to £9.58 billion but net debt widened from £40 million to £389 million.
7.50pm update: Farage tells EU ‘GROW UP’ and renegotiate ‘worst deal in history’ or face Brexit NO DEAL
Nigel Farage tore into Theresa May’s controversial Brexit plan and urged the European Union to return to the negotiating table amid fears the deal will be voted down by MPs.
During an passionate speech to MEP, Mr Farage accused the Prime Minister of “deceiving” the British public and pandering to each and every demand set out by Brussels negotiator Michel Barnier.
The former Ukip leader hailed the British divorce package as a “good deal for the European Union” and the “worst deal in history” for Mrs May.
He added: “I have to say we will be leaving on March 29 of next year but any illusion at home that we’re going to be an independent country I’m afraid has been shattered.”
7.40pm update: New amendement tabled by Remain-backing MPs
A cross-party group of Remain-backing MPs have ramped up the pressure on Theresa May by tabling an amendment to the meaningful vote aimed at stopping a no-deal Brexit.
This has been tabled by Labour’s Hilary Benn, supported by opposition MPs Yvette Cooper, Rachel Reeves and Meg Hillier, as well as Tory MPs Dominic Grieve and Sarah Wollaston.
Mr Benn tweeted: “It opposes the deal, rejects a no-deal Brexit and would enable the House to express its view about what should happen next if the PM’s deal is defeated.
“It would do this by allowing amendments to be tabled to the motion that the Government would have to put before the Commons under the EU Withdrawal Act 2018.”
MP Jo Johnson fires warning shot over Mrs May’s Brexit deal
7.20pm update: May’s deputy warns second referendum could risk ‘RADICALISATION’ of right wing voters
David Lidington said there could be an “ugly” reaction to any decision to hold another vote on the UK’s membership in the EU.
He warned such a move could be seen as an “attempt by the political elite to set aside a democratic verdict that they had found unwelcome”.
Mr Lidington also said second referendum could be “polarising” and he did “not think it would solve anything”.
He said: “That would pose a risk of a radicalisation of a lot of those people into more populist positions.
“Let’s say that it came out with a narrow majority for Remain, which it might do, 52-48 the other way.
“You would then have calls from the Leave side that this was unfair, promises have been broken and two years down the line something would be happening, there would be some new cause of discontent that would lead to calls for a third referendum.
“Even more seriously, I worry, in the case of a second referendum, people who voted to Leave were told at the time – everyone was told at the time – that this is decisive.
“The parliament at Westminster said we are giving this choice to the people, we will abide by the result.
“I think that the probable populist reaction to setting aside that 2016 referendum verdict is likely to be more ugly than previous versions.”
6.30pm update: Scottish political parties to UNITE AGAINST the Tories
A joint motion by parties excluding the Conservatives in Edinburgh’s devolved parliament aims to emphasise the anger felt in most of Scotland, which voted to remain in the EU during the referendum in June 2016.
They claim the Prime Minister’s Brexit deal was negotiated without considering their views, something the government denies.
The group will propose a single motion opposing her EU Withdrawal Agreement in a debate at Holyrood.
This will be backed by Labour, the Liberal Democrats, SNP and Scottish Greens.
They said in a joint statement: “The day after the Prime Minister’s stage-managed visit to Scotland, during which she failed to engage with any politicians or individuals who oppose her proposals, this unique and positive cooperation between four of the five parties at Holyrood indicates Scotland’s strength of feeling on Brexit and the Prime Minister’s untenable position, as well as illustrating the isolation of the Conservatives on this matter.”
Justine Greening insists second referendum could be held within 22 weeks of December vote
5.45pm update: UK’s Galileo CRISIS: Britain needs RUSSIA’s help in ‘GEOPOLITICAL HEADACHE’
Britain has walked into a “geopolitical headache” as it won’t be able to build its own satellite navigation system without negotiating access to signals with five superpowers including Russia, it was revealed.
As the country gets ready to leave the European Union in four months, an expert suggested the UK will have problems building its own version of Galileo – Brussels’ satellite navigation system.
London will lose partial access to it once it steps out of the bloc in March 29 2019, unless it renegotiates its access.
But creating an alternative owned entirely by Britain, at a cost of £3billion to £5bn, could become harder than previously believed, according to Bleddyn Bowen, an expert in space policy at Leicester University.
Speaking to Sky News, Dr Bowen said the entire spectrum of useable radio frequencies is shared by US, Russia, China, Japan and India, which means the UK will have to find an agreement with them before starting its new space project.
5.30pm update: Macron left ‘SPEECHLESS WITH RAGE’, Gove reveals as UK regains control of its waters
Emmanuel Macron was left “speechless with rage” by the post-Brexit agreement on fishing rights struck by the European Union and Theresa May, a beaming Michael Gove revealed today.
The Environment Secretary amused MPs in the House of Commons recalling how the French President was left livid over the weekend, when he found out his fishermen will no longer have unlimited access to British waters.
As he was answering questions on post-Brexit fishing rights in the lower chamber, Mr Gove said: “The truth is that as an independent coastal state we will be able to decide who comes into our waters and on what terms.”
And, calling Mr Macron a “Jupiterian president”, the Environment Secretary added: “He was speechless with rage on Sunday when he discovered that this withdrawal agreement and future political declaration would mean that France would not have access to our waters save on our terms. His anger should be a cause for celebration across this House.”
5pm update: HUGE time May has spent in Commons debating and answering questions REVEALED
Theresa May has spent more than 18 hours in the chamber debating and answering questions from MPs since the Commons returned last month following the party conference season.
A Downing Street spokewoman said it was “more than the equivalent” of taking a session of Prime Minister’s Questions every day the House was sitting.
In the past two weeks along, Mrs May has spent more than nine-and-a-half hours at the Commons despatch box.
4.30pm update: Sturgeon rages TV debate without other political leaders would be ‘TRAVESTY OF DEMOCRACY’
The BBC has annoucned Theresa May has agreed to a live debate with Jeremy Corbyn on December 11.
The Labour leader is yet to agree to the event taking place on the BBC, indicating a preference for ITV’s debate proposal.
Mrs May has previously rejected calls for other political parties to take part in the debate, but the SNP, Liberal Democrats, Plaid Cymru and the Green Party have all said they should be included.
SNP leader Nicola Sturgeon said: “If this or any TV debate goes ahead without all options – including that of remaining in the EU – being included and given a voice, it will be an absolute travesty of democracy.”
4pm update: Pound falls to two-week low amid concerns around Parliament vote on Brexit
The pound fell to a two-week low on Thursday as concerns grow about Parliament’s vote on Theresa May’s Brexit deal and the Bank of England’s warning of severe risks to the currency if Britain leaves the EU in a disorderly manner.
Sterling was trading down 0.5 percent against the US dollar at $ 1.2760 and by the same margin against the euro at 89.14 pence.
Fears around a no-deal Brexit had sent the pound falling to a two-week low earlier this week before it regained some losses.
Currency analysts have warned a recovery is unlikely before the parliamentary vote on December 11, which will be a key risk event.
Lee Hardman, an FX strategist at MUFG in London, said: “It looks on paper like parliament is going to vote against the deal, which will lead us into heightened uncertainty.”
3.30pm update: Brexit is single ‘biggest risk factor’ to tourism in Northern Ireland
Tourism in Northern Ireland is more vulnerable to Brexit that any other region because it relies so much on the British market for most of its income from the sector, it has been claimed.
Tourism Ireland chief executive Niall Gibbons warned the UK leaving the EU was the single “biggest risk factor” for the tourism sector.
Northern Ireland is expecting to welcome more than 2.2 million visitors by the end of this year – British visitors are expected to account for more than 60 percent of that figure.
Mr Gibbons said: “It’s an extremely important industry.
“Northern Ireland is more vulnerable than other areas because of its high dependency on the number of British tourists.
“We know from our research that if more people in Britain decide to stay at home it’s more likely that Devon and Cornwall, the Lake District and Scotland would be the winners than Northern Ireland, the Isle of Man and Channel Islands because it involves getting a plane or a boat.”
“It is more vulnerable because it does rely on the GB market for about nearly 70 percent of all its business.”
He warned a Brexit deal is needed to ensure economic certainty and stability within the industry.
Mr Gibbons said: “When people are feeling uncertain, and if their pocket is going to get hit, the first thing that gets hit is discretionary spending which often is tourism.
“It’s important that a deal gets done, because ultimately consumers require certainty in their lives, that’s what keeps them travelling.”
Brexit latest: Michel Barnier fears Britain’s “future is at stake”
3.15pm update: Increasing Brexit uncertainty hitting consumer confidence – report
Consumer confidence has plummeted this month as shoppers dropped plans for spending amid increasing Brexit uncertainty.
GfK’s Consumer Confidence Index fell three points to -13 as concerns about household finances, the general economy and spending intentions grew.
Confidence in the general enconomy for the next year fell four points to -32 – four points lower from the same period a year ago.
GfK client strategy director Joe Stanton said warned things are likely to get better anytime soon.
He said: “Against a backdrop of the Chancellor telling everyone that the Brexit deal on the table will make people worse off, this month we’re recording an across-the-board fall for all measures with concerns over household finances, the general economy and purchase intentions.
“Overall, we are now back at the 13 level we saw at the end of last year. The next few weeks are highly unlikely to inject any festive cheer, especially if Theresa May’s Brexit deal doesn’t win backing from MPs.
“The denouement to more than two years of bewildering Brexit wheeler-dealing looks like it will be enacted precisely when many consumers would prefer to be thinking of a well-earned Christmas break, filled with family get-togethers, warmth and festivity.
“Brexit appears to be turning this year’s season of goodwill into the season of uncertainty.”
3pm update: Eurozone bank sector prepared for hard Brexit – backs Bank of England’s recession warning
The European Central Bank has revealed the eurozone banking sector is prepared for a hard Brexit, and said the Bank of England (BoE) was right to warn of a deep recession if Britain leaves the bloc without a deal.
On Wednesday, the BoE warned the British economy could shrink by eight percent in a year in the event of a no-deal Brexit.
European Central Bank Vice President Luis de Guindos told a news conference: “Yesterday we had these reports from the UK Treasury and the Bank of England that I think made the correct point.
“The most important point made by yesterday’s report is that in case of a disorderly Brexit, the UK economy would enter into a period of very, very big recession, GDP would drop in the area of eight percent.
“We can’t lose sight that the most relevant issue is that a disorderly Brexit would have a very big, major recessionary impact on the UK.”
Ford boss has warned a no-deal Brexit would be a “catastrophe”
Paul Withers taking over live reporting from Joe Duggan.
2.43pm update: Jo Johnson believes Theresa May’s Brexit deal risks ripping the union apart
Jo Johnson believes Theresa May’s Brexit deal risks ripping the union apart.
The Ex-Transport minister, who resigned over Mrs May’s withdrawal agreement, fears the agreement could spell “political armageddon” for the Conservative Party.
Mrs May’s deal would “roll out the red carpet for Jeremy Corbyn”.
Mr Johnson said: “The “worst of all worlds Tory Brexit” label will become an albatross around our necks for years to come.
“In fact, as colleagues in Parliament have been warning in recent days, this deal pleases so few people that it could lead to electoral defeat on the scale of 1997 or worse, rolling out the red carpet to Corbyn. That is the double whammy.
“Our country will have suffered a right hook from a PM’s botched Brexit and then a left hook from the arrival of Communist ideologues.”
He added: “The PM’s deal will also of course weaken our union.”
1.58pm update: Remainer Greening urges second referendum ‘within 22 weeks’ of December vote
Tory former education secretary Justine Greening is adamant a new Brexit referendum could be organised and held in 22 weeks.
Ms Greening, who backs a second EU vote, told an event in London: “I’ve worked out that you could plan and hold a referendum in 22 weeks.
“We could do that in 22 weeks. We could actually, after this vote on December 11, hold a referendum, potentially, on May 30 next year.
“We could, alongside that, choose to extend Article 50, I’ve suggested, by four months to July 29.”
RUSI director general warns of threat to UK security after no-deal Brexit
1.42pm update: Car giant Ford warns no deal would be “catastrophe”
Ford has backed Theresa May’s withdrawal agreement, but demanded clarity over long-term frictionless trade.
The car giants warned frictionless trade is crucial for its British plants.
Ford Europe boss Steven Armstrong told Reuters the firm is considering importing more cars into Britain ahead of time to avoid any disruption if there is no deal.
It is also re-examining infrastructure at its Dagenham plant.
Mr Armstrong said: “A no-deal Brexit would be a catastrophe. It’s important that we get the agreement ratified that’s on the table at the moment.
“I keep pushing the point that we need frictionless trade at the borders as well.
“That’s not quite crystal clear in the withdrawal agreement.”
1.30pm update: Brexiteers get last-ditch chance to change May’s deal
MPs will debate Mrs May’s deal during five all-day sessions in Parliament ahead of the December 11 vote.
During the five eight-hour debates, they will be able to table six amendments to the government’s motion before it goes to the Commons vote next month.
The mammoth debating sessions will see Mrs May try to convince Conservative rebels to back her deal.
A Labour amendment to the government motion aims to halt a “botched Brexit”.
Theresa May accepts offer of BBC live Brexit debate
12.28pm update: Ex-MI6 chief acccuses May of ‘SURRENDERING’ UK security to EU
A former MI6 chief accused Theresa May of “surrendering British national security” to the EU in a bombshell letter.
The prime minister’s Brexit deal will “compromise” British intelligence and “threatens Western security, senior intelligence chiefs claim.
Ex-MI6 chief Sir Richard Dearlove and Falklands War veteran Major General Julian Thompson are among the signatories of the letter sent to Mrs May.
According to the Brexit Central website, the letter said: “The ‘deal’ surrenders British national security by subordinating UK defence forces to Military EU control and compromising UK Intelligence capabilities.
“This surrender is to an undemocratic organisation, the European Commission.”
12.07pm update: London ‘will lose £712 billion to Frankfurt in Brexit bank exodus’
The UK’s financial sector is expected to lose up to £712 billion (€800 billion) of assets to rival financial firms in Frankfurt ahead of Brexit, a lobby group warns.
Frankfurt Main Finance, the German city’s lobby group, said 30 out of 37 financial institutions which have applied to the European Central Bank for new licences, or to extend existing ones, have chosen Frankfurt for their European headquarters.
Up to 10,000 jobs will move to Frankfurt over eight years as part of the changes as Britain exits the EU.
Managing director Hubertus Vath said.”All in all, we expect a transfer of 750 billion-800 billion euro in assets from London to Frankfurt, the majority of which will be transferred in the first quarter of 2019.”
Net migration falls to six-year low
11.52am update: Security expert warns of “severe consequences” of no-deal Brexit
Leaving the EU without a deal would have “severe consequences” in the UK’s fight against terrorism, a leading defence expert warned.
Malcolm Chalmers, deputy director general of think tank the Royal United Services Institute (RUSI), said Mrs May’s withdrawal agreement had “significant advantages for the UK’s security”.
Mr Chalmers said: “If the UK were to leave the EU without a deal, it would have severe and immediate consequences for the UK’s ability to combat crime and terrorism.
“Both the UK and its neighbours would be less secure as a result.”
There would no longer be a legal basis for exchanging personal data with EU law enforcement, he said.
11.40am update: May agrees to live BBC Brexit debate
Theresa May has accepted an offer to take part in a live BBC Brexit debate on Sunday, December 9.
The BBC announced that the Prime Minister agreed to the debate, and hopes to hear from the Labour Party soon.
Formats for the debate are to be announced.
Labour leader Jeremy Corbyn has previously said he would debate with the Prime Mnister on live TV.
11.30am update: Migration plunges to six-year low
Net migration of EU citizens to the UK has plummeted to its lowest level in nearly six years.
The net number of EU citizens moving to Britain dropped to 74,000 in the year until June, the lowest since 2012, the Office for National Statistics (ONS) said.
Net migration of EU nationals to Britain has plunged since the June 2016 referendum.
Matthew Fell, chief UK policy director at the Confederation of British Industry, said: “These latest statistics highlight the continuing trend of falling net EU migration amid growing shortages across all skills levels in the UK.”
11.15am update: Barnier warns MPs Britain’s “future at stake”
Michel Barnier fears Britain’s “future is at stake” as he urged MPs to thrash out a trade deal with the single bloc.
Britain needs to flesh out a blueprint for a future relationship after the publication of a 26-page political declaration on the future relationship.
Mr Barnier said: “We will be ready to start these negotiations once the UK has become a third country.
“British MPs will have an opportunity to take up a position.
“This is a text where the future of their country’s at stake. I will respect that debate and the period required for democratic debate in the UK.”
10.55am update: Nigel Farage tells EU to “GROW UP”
Nigel Farage has savaged Theresa May’s Brexit plan and urged the European Union to return to the negotiating table.
Speaking to MEPs, the ex-UKIP leader accused the Prime Minister of “deceiving” the British public.
Addressing Michel Barnier, Mr Farage said: “I wish you were on our side because it’s game, set and match to you.”
May says government commitment to NHS spending remains in place post-Brexit
10.47am update: People’s Vote would mean suspending Article 50, says May
The Prime Minister ruled out giving people a vote on her deal,and said it would mean extending Article 50, which was triggered last year.
Suspending Article 50 would mean re-opening the Brexit negotiations, Mrs May warned.
She said: “What is clear is that any extension to Article 50, anything like that, reopens the negotiations, reopens the deal and at that point the deal could go, frankly, in any direction.”
Mrs May has now left the liaison committee. A masterclass in evasion and failing to commit from the Prime Minister.
10.28am update: May grilled on arrangements for NHS in event of no-deal Brexit
Sarah Wollaston asks if Mrs May is concerned of the effect on the NHS in the event of a no-deal Brexit.
Mrs May said: “The role of responsible government is to ensure government is prepared for any scenario that develops and to ensure that where there are potential difficulties those are mitigated as far as possible.”
The Prime Minister is then asked if she thought there would be serious consequences for patients trying to access medicine after Brexit.
Mrs May said: “The Department of Health and Social Care is putting in place arrangements for people to access the medicine required.
“The whole point of the work is to ensure those medicines are available in all circumstances.”
She is asked if the government’s commitment to put an extra £394 million a week into the NHS would continue regardless of the Brexit outcome.
Mrs May said: “The government has made a commitment to the NHS.”
She then warns the committee she has a flight to catch (code for “chop, chop, get a move on”, I believe).
10.08am update: May won’t confirm if immigration white paper will come before December 11 vote
Mrs May refused to confirm if the government will publish a white paper on immigration before the December 11 vote.
She said: “We have set out the outline of the immigration rules we will have in the future.
“We will have a discussion as to when the immigration white paper will be published.”
When asked about fears expressed by the science community about possible obstacles in employing workers after Brexit, Mrs May said: “I would hope the science community would see the benefit of moving to an immigration system that is skills based.
“I am entirely clear what obstacles will be in their way. We are looking at an immigration system across the world and that is skills based.”
9.52am update: Prime Minister vows to avoid hard border in Northern Ireland
Theresa May is grilled on what circumstances a hard border would be put in place.
She said the UK government would do everything to avoid a hard border.
Mrs May also denied claims talk of hard border is an excuse to keep Britain tied to the EU.
9.45am update: Theresa May denies Northern Ireland backstop would be permanent
Theresa May is asked if the backstop to avoid a hard border is like a post-war pre-fab that “is supposed to be temporary and will outlive us all”.
She laughs and admitted nobody wanted a backstop put in place.
Mrs May said: “The temporary nature of the backstop is within the withdrawal agreement.
“What stops the backstop is the future relationship being put in place. The EU has made clear there is no deal without a backstop.”
Theresa May focused on getting deal through Commons
9.27am update: May bats away claims UK will be poorer post-Brexit
The prime minister also refused to confirm if people will be poorer once Britain leaves the EU than they are now.
It comes after yesterday’s Treasury and Bank of England analysis predicted the UK could experience its worst recession since the Second World War after a no-deal Brexit.
She also called calls for a second referendum, or People’s Vote, an attempt to frustrate Brexit.
When asked if she believed the DUP would continue to support the government if their 10 MPs voted against her Brexit deal in the House of Commons, Mrs May said: “They have said the confidence and supply agreement remains in place.”
9.22am update: Theresa May refuses to reveal Brexit Plan B
Mrs May refused to give details on what her Plan B would be if parliament votes down her deal on December 11.
When asked if there was a worst deal than a no deal, Mrs May vowed her withdrawal agreement was the best for the UK.
In the event of the Commons voting down her deal. Mrs May said “The timetable is such that actually some people would need to take some practical steps in relation to no deal if the parliament were to vote down the deal on the 11th of December”.
When asked if no deal was better than a bad deal – a phrase she has previously used – Mrs May said “That depends on what a no bad deal looks like.”
9.10am update: May defends Brexit deal at parliament committee
Theresa May has backed her Brexit deal at a Parliament Liaison Committee hearing and says she is focused on getting it through the Commons.
Mrs May said: “I am focusing on this because I believe it is the right deal for the UK.
“There are members of the House of Commons who clearly wish we do not leave the EU.
“We are at the point where we have negotiated a deal people never thought we could negotiated.
“There is a clear choice for members of parliament.
“What has been made clear from the EU is this is the deal that has been negotiated.
“This is the deal people need to focus on.”
8.50am update: Carney warns UK “not ready” for Brexit no-deal
But Mr Carney also warned large parts of the UK economy are not ready for a no-deal Brexit.
He told BBC Radio 4’s Today programme: “All the industries, all the infrastructure of the country, are they all ready at this point in time?
“And, as best as we can tell, the answer is no.
“We know issues around the borders, we go to the ports and we know the issues that are there today. So we need some time to get ready for it.”
Arlene Foster claims Theresa May’s Brexit deal will “impose” EU rules on Northern Ireland
8.32am update: Mark Carney defends Brexit analysis after critics savage ‘PROJECT HYSTERIA’
Bank of England chief Mark Carney has defended his Brexit forecast on BBC Radio 4’s Today programme.
The bank’s analysis, published yesterday, has been attacked as stoking “project hysteria”. but Mr Carney vowed the financial system is ready to withstand any economic impact caused by Brexit.
Mr Carney also backed a transition period between the EU and the UK once Britain exits the bloc on March 29, 2019.
Mr Carney said: “If you a chief executive of a company like Nissan, part of your responsibility is to think about the worst case and prepare for the worst case.
“In the case of Brexit we look at everything that could go wrong.”
He added: “It is in the interests of the country to have some time to transition to whatever relationship there is.”
The financial system will be there for the British people whatever form of Brexit takes, Mr Carney vowed.
8.16am update: DUP’s Foster won’t cross May’s Brexit RED LINE
DUP leader Arlene Foster has again hit out at Theresa May’s Brexit plan, labelling it a “red line”.
The Northern Ireland leader has already warned her ten MPs will not vote for the withdrawal agreement when it is put before the Commons on December 11.
Under a backstop arrangement, Northern Ireland would be temporarily tied to EU single market regulations, as well as remain under EU customs rules with the rest of the UK.
Mrs Foster said: “All the things that made us vote for Brexit are the things that are going to be imposed on Northern Ireland.”
Jacob Rees-Mogg attacks Mark Carney’s “project hysteria” Brexit analysis
7.52am update: Twelve Brexit MPs May must watch
Dominic Raab tops a Politico guide of MPs to watch in the run-up to the December 11 vote.
The former Brexit Secretary believes a Brexit no deal could be “mitigated and managed”, but wants “modest” changes to the Northern Ireland backstop exit mechanism to avoid a hard border.
Michael Gove is also seen as key in deciding the fate of Mrs May’s withdrawl agreement when it goes to The Commons.
The full list is: 1. Dominic Raab. 2. Michael Gove. 3. Lisa Nandy. 4. Andrea Leadsom. 5. Steve Baker. 6. Jeremy Corbyn. 7. Keir Starmer. 8. Nick Boles. 9. Stephen Kinnnock 10. Nicky Morgan. 11. Sylvia Hermon. 12. Stephen Getöns.
7.35am update: Security minister to warn of no-deal Brexit
Security Minister Ben Wallace will warn of the risks of a no-deal Brexit at a conference today.
Crashing out with no deal would have a “real impact” on security relations between the UK and the EU, he will caution.
And transport Secretary Chris Grayling has announced a post-Brexit ”open-skies” deal with the US.
The agreement guarantees flights to and from the US will continue once the UK leaves the EU.