Brexit deal to mean 4% hit to United Kingdom economy by 2030 - NSIER

Brexit deal to mean 4% hit to United Kingdom economy by 2030 - NSIER

"We are going to resolve a conflict that has been going for over 300 years", Pedro Sanchez told a news conference, adding he had said the same thing to British Prime Minister Theresa May, who met the EU's 27 leaders to endorse the withdrawal treaty that she will now put to the British parliament.

It was a day many doubted would ever come, but May was anything but triumphant as she reported back to Parliament, which must approve the deal for it to take effect.

Such a scenario would see the whole of the United Kingdom staying in a customs union with Brussels under which it would not be able to pursue any trade deal covering goods - although the United Kingdom would be free to seek agreements in the services sector.

She said: "It will be one of the most significant votes that Parliament has held for many years".

The hit would be the equivalent of losing the economic output of Wales or the contribution of London's financial services industry, the National Institute of Economic and Social Research (NIESR) said.

The report's authors, Arno Hantzsche, Amit Kara, and Garry Young, said "the main focus of our analysis is on how the government's proposed Brexit deal is likely to affect the economy, leaving aside the effect it might have on uncertainty".

"Anyone can have a better deal or an alternative deal in their own minds but an agreement 500 pages long that 28 member states can sign up to nobody has that".

If the Democratic Unionist Party (DUP) goes ahead with its threat, Mrs May would be short of a working majority in the 650-seat Parliament: 316 active lawmakers elected as Conservatives would face 313 on the opposition benches plus the 10 DUP lawmakers. He argued that they are seriously affected by their impending irreversible loss of European Union citizenship and its associated rights due to the referendum vote and ensuing negotiations in which they had no say.

"We're not advocating a no deal, we're advocating a better deal", she told the BBC's Andrew Marr Show.

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"Plowing on is not stoic". It has required give and take on both sides. "That is the nature of a negotiation".

If British legislators back the plan devised by May's government, then an EU Withdrawal Agreement bill will be introduced in parliament, which must be ratified by the members before it can proceed to a European Parliament vote. "As I've said before, I think it is important we are a country that upholds its legal obligations", the PM retorted.

May has warned lawmakers that if they reject it, Britain could face leaving the European Union without a deal - something businesses say would hurt the world's fifth largest economy.

Boris Johnson, the former foreign secretary and lead campaigner for Brexit, said on Saturday that Britain was "on the verge of a historic blunder".

And a senior Labour lawmaker Tony Lloyd said there was a "coalition of the willing" in the Parliament ready to reject May's deal and support a softer Brexit. Some want an election, others a new referendum, and some say Britain should leave the bloc without a deal.

"This is the deal that is on the table, this is the best possible deal, it's the only possible deal".

Jeremy Corbyn said the Commons would have "very little choice" but to reject Mrs May's "botched" deal, which he described as "bad for this country".

For once, U.K. Prime Minister Theresa May was in complete agreement.

The leaders of the 27 European Union countries took less than an hour to finalise their acceptance of the deal at a special meeting in Brussels this morning.

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