Skip to content
CityAM
Main navigation
  • News
    • News
      • Latest Business News
      • Economics
      • Politics
      • Tech
      • Banking
      • FTSE 100 Live
      • Retail
      • Insurance
      • Legal
      • Property
      • Transport
      • Markets
    • From our partners
      • AON
      • Bayes Business School
      • Canada BIDs
      • Central London Alliance CIC
      • Destination City
      • Halkin
      • Olympia
      • Inside Saudi
      • Tottenham Hotspur Stadium
      • Santander X
      • YEAR SIX Dividend
    • Featured

      HMRC secures £190m VAT appeal win against Bolt

      Electric Bolt car parked in urban setting, showcasing sleek design and eco-friendly transportation for modern city living.

      Submit a story

      Tell us your story.

      Submit
  • Opinion
  • Sport
    • Latest Sports News
      • Sport
      • Sport Business
    • From our partners
      • The Morning Briefing: SBS x CityAM
      • Aramco Team Series
      • LIV Golf
    • Featured

      England, Kansas City and Taylor Swift: Why FA chose midwest as World Cup base

      Business professionals in a modern office discussing strategies around a conference table with digital charts and laptops ...

      Submit a story

      Tell us your story.

      Submit
  • Life&Style
    • Life&Style
      • Life&Style
      • Toast the City Awards
      • The Magazine
      • Travel
      • Culture
      • Motoring
      • Wellness
      • The RED BULLETiN
      • Do it with Shared Ownership
      • Media Speak Hub
    • Featured

      Old Pulteney releases 50-year-old whisky for 200th anniversary

      Old Pulteney 50-Year-Old single malt Scotch whisky bottle with elegant packaging on display, highlighting luxury and craft...

      Submit a story

      Tell us your story.

      Submit
  • Investec
  • Events
  • Latest Paper
Wednesday 06 March 2019 8:21 pm  |  Updated:  Monday 03 June 2019 1:08 am

Brexit-backing Tories are running out of road

Next week, MPs will be asked to vote (again) on the government's proposed Brexit deal.

While Theresa May's team attempts to woo Labour MPs with offers of cash for poor areas and commitments on workers' rights, the attorney general and Brexit secretary have been in Brussels, frantically trying to win concessions on the thorny Irish backstop issue that has so far scuppered May's efforts to get her deal through parliament.

Their conversations with EU negotiators are said to have been “difficult and robust” – but so far fruitless.

Technically, the threat of a no-deal exit hangs over this political tussle. The OECD became the latest body to raise no-deal fears yesterday, warning that it would seriously undermine the UK's economic prospects and drag down global growth. Bank of England governor Mark Carney made the same point on Tuesday, though his team at Threadneedle Street also pointed out that the UK was better prepared than the EU – whose member states have been too focused on luring business from London and not focused enough on mitigating the hit to financial stability. The respected German think-tank, the IFO Institute, has warned that a no-deal scenario would wallop Ireland particularly hard – with a staggering 8.16 per cent hit to their economy. German business leaders are increasingly vocal about the damage that would be caused by a failure to agree an exit deal, as are manufacturers here in the UK.

You might think all of this would motivate the EU to soften its approach to the Irish backstop and allow May to get her deal over the line for the benefit of all concerned.

However, EU officials seem increasingly confident that the Westminster parliament simply will not allow a no-deal outcome – and, if they've read the signs (or newspapers) correctly, why would they go soft on their position?

It really does seem as if the choice facing MPs next week is between May's deal, an even softer Brexit or a delay to the whole idea. Of those opposed to May's deal, only a minority favour no-deal in its place. The sooner pro-Brexit Tories wake up to this reality the sooner they can shift their focus to the infinitely more significant and complex issue of shaping our future trading relationship with the EU.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business
  • Politics

Related Topics

  • Bank of England
  • Brexit
  • Mark Carney
  • People
  • Theresa May

Trending Articles

  • More Big Four blues as Deloitte plans to slash UK audit roles

  • Rathbones to suspend thousands of client account inflows after FCA probe deals £530m blow

  • Rolls-Royce shares surge as SMR unit bags multi-billion pound Swedish nuclear contract

  • As it happened: FTSE 100 relief rally runs out of steam as BP and Shell weigh; Oil hits three-month low

  • London Tech Week sums up everything wrong with UK tech

More from CityAM

  • Starmer agrees investment deal with Japan as EU deal questioned

    Politics
    UK and Japan leaders discuss bilateral trade agreements at a high-level government meeting in London.
  • Gulf trade deal: Britain should learn from the success of Dubai

    Opinion
    Dubai skyline featuring iconic skyscrapers and modern architecture under a clear blue sky, showcasing the citys urban land...
  • Vodafone takes full control of Three in £4.3bn deal

    Telecoms
    ASA concluded that Three had clearly established the basis of its claim and did not breach any advertising regulations.
  • London local elections 2026: Who will win in Lambeth?

    London
    Voters casting ballots in London election, diverse crowd at polling station, democratic process in action, civic engagement
  • Soaring petrol prices and Devil Wears Prada 2 help consumer spending return to growth

    Economics
    Supermarkets have been accused of hiking petrol prices to artificially high levels
  • As it happened: Ministers resign as gilt yields at 28-year high

    Markets
    Keir Starmer
  • City policy chairman: 10 years on from Brexit, the UK still needs the EU

    Opinion
    EU and UK flags intertwined symbolizing post-Brexit relations and ongoing diplomatic discussions
  • Reform UK vows to raise VAT threshold to £150,000

    Politics
    Nigel Farage, leader of Reform UK

CityAM Canada — business, markets and opinion for Canadian readers.

Sections

  • Business
  • Markets
  • Tech
  • AI
  • Economics
  • Opinion
  • Cities

Company

  • About
  • Contact

Legal

  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 CityAM Canada. All rights reserved.
Terms · Privacy · Cookies