Brexit Update – The Pound Surges as Despair Turns to Hope

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The Pro-Remainers were dealt a heavy blow on Thursday. While the British Prime Minister has faced heavy criticism, not to mention a series of losses, news of progress on Brexit hit the wires on Thursday.

An Anglo-Irish Summit led to a stream of optimism across the news wires, with the respective leaders stating that there was the chance of a deal by 31^st October.

Ireland’s leader Varadkar, until now, has been considered to be the roadblock to any alternatives to the Irish backstop.

The latest comments suggest that Johnson and Varadkar have conjured an alternative plan.

For the doubters, Varadkar also stated that he was sure of Boris Johnson’s desire to deliver a Brexit deal.

While optimism led to a jump in the Pound, there were also some words of caution from the Irish Prime Minister.

Varadkar noted that challenges remained and would need to be resolved ahead of the EU Summit next week.

The Pound

At the time of writing, the Pound was up by 0.05% to $1.24383.

Thursday’s news delivered a 1.94% boost for the Pound, which returned to late September levels.

Boris Johnson has continued to promise Brexit on Halloween. Few would have predicted, however, that the British PM would get anywhere near to a deal.

What Lies Ahead?

There’s still plenty that can go wrong for the British PM and the Brexiteers. As the Irish PM stated, challenges remain that could scupper the delivery of an alternative deal at the EU Summit.

The good news, however, is that both the British and Irish Prime Ministers seem willing and able to find common ground.

We can expect further updates over the course of the day as negotiations continue.

For the Pro-Remainers, there has also been some chatter of a call for a 2^nd referendum.

While Boris Johnson and the EU look to deliver a Brexit deal, the opposition is looking to reverse Britain’s decision to leave the EU.

A 2^nd Referendum looks to be the more favored route for the Pro-Remainers. This is not surprising when considering the increase in support for Johnson in recent polls.

A General Election

For the British Prime Minister, a general election is a preferred way forward.

Opposition Party leader Corbyn also favors a call for a snap general election as soon as Johnson requests an extension.

In spite of the Labour Party losing ground in recent polls, Corbyn has stated that a general election must come first. On the assumption that the Labour Party wins, he would then call for a 2^nd Referendum.

It will ultimately come down to whether Johnson can deliver a deal to MPs to vote on.

With time running out and the Tory Party without a majority, even getting an agreement with the EU doesn’t guarantee Brexit.

MPs will then need to vote on any deal. If Johnson’s track record is anything to go by, it may prove challenging.

Coming from a position of weakness, however, Johnson has managed to seize the upper hand.

A general election would almost guarantee victory should the Pro-Remainers shoot down any EU agreed deal.

Corbyn may be looking to win through a general election, but if Johnson gets his way, the Tories may find themselves with a majority government once more…

Such an outcome would seal Britain’s fate once and for all, which could mean a hard Brexit.

Do the Pro-Remainers really want to risk shooting down a Brexit deal that Johnson a majority?