UK watchdog and EU tell banks to prepare for hard Brexit

UK watchdog and EU tell banks to prepare for hard Brexit

The ex-foreign minister said he was unable to support the Chequers plan and is happy to be speaking out against it.

May narrowly avoided a defeat in parliament at the hands of the pro-EU lawmakers from her own party in Tuesday's vote, helped by four opposition Labour lawmakers who went against their party to support the government.

A string of ministerial resignations followed, including that of former Foreign Secretary Boris Johnson and Brexit Secretary David Davis, the former still being touted by a replacement for May should a contest arise.

The latest squabbling over Brexit has renewed speculation about a possible leadership challenge for May, who has had a particularly rough few weeks with high-profile resignations, knife-edge votes in the House of Commons, and criticism of her Brexit plans from both those who want to remain in the European Union and those who want to leave.

Both bits of legislation had been subject to many proposed amendments as both pro-EU and pro-Brexit MPs tried to create the version of the bill they wanted, according to the BBC.

"We dithered and we burned through our negotiating capital", he said, noting the agreement to pay billions of pounds to settle Britain's financial commitments before any deal on future trade.

Tuesday's legislation was technical in nature - focusing on converting trade deals between the European Union and third countries into bilateral deals with Britain, and was not originally meant to define new trade policy.

Such a statement would have echoes of Geoffrey Howe's devastating resignation speech after quitting Margaret Thatcher's Cabinet in a row over Europe - an intervention which contributed to her being toppled within weeks.

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But he warned in the 18 months since that speech, a "fog of self-doubt" has fallen over Britain's stance.

It was the second consecutive day of close votes for May, who faced a similar challenge Monday from hard-liners, a measure of the tightening course she must navigate between the competing camps within her Conservative Party.

She said she wouldn't have time to listen to it before a meeting with her backbenchers last night as she would be busy catching up on paperwork.

She told members of the committee: "Over August and September we are going to be releasing a number of technical notifications to set out what United Kingdom citizens and businesses need to do in a no deal scenario, so making much more public awareness of the preparations".

He also called for Theresa May to tear up her "miserable" plans for close relations with the European Union after Brexit and return to the "glorious vision" of Global Britain which she set out previous year.

"The result of accepting the EU's rulebooks ... is that we have much less scope to do free trade deals", he said.

"Failure to keep our promise to the electorate will nearly certainly lead to the catastrophe of Jeremy Corbyn becoming Prime Minister and I can not sit back and allow that to happen".

Mrs May later defended the Government's acceptance of Brexiteer amendments to key legislation before insisting its "facilitated customs agreement" plan for the European Union has not been abandoned and is being discussed with the EU.

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