UK Brexit plan has 'decent chance' in key vote on Saturday: Javid

Reuters 1 month ago

WASHINGTON (Reuters) - Britain’s new Brexit deal has a “decent chance” of clearing parliament on Saturday and the alternative is to leave the European Union in two weeks’ time without anything to soften the economic shock, finance minister Sajid Javid said.

Javid rejected calls from some members of parliament for an economic impact assessment of the agreement struck by Prime Minister Boris Johnson and the EU earlier on Thursday which now needs approval by lawmakers.

Instead, he said, parliament had to realize that the plan would end the uncertainty that has dogged the world’s fifth-biggest economy since voters decided to leave the EU in 2016.

“It is self-evident that what we have achieved in terms of this deal is the right way forward for the economy, much better than any alternative,” Javid told reporters on the sidelines of the International Monetary Fund and World Bank fall meetings.

Furthermore, Brexit was not just a debate about economics, he said.

“This is also an issue about the fabric of our democracy. People want to see Brexit done. They overwhelmingly prefer to see that done with a good deal and that is what we have achieved,” Javid said.

Lawmakers opposed to Brexit have warned that the prime minister’s plan will hurt the economy.

Last year, Britain’s finance ministry estimated that the hit to growth from a free trade deal with the EU, similar to Johnson’s plan, would be greater than the impact of closer ties proposed by former prime minister Theresa May.

Asked about the Treasury’s research, Javid said it was based on assumptions that did not necessarily apply to the new deal which offered the most promise for striking trade agreements with countries around the world.

Johnson has said he will take Britain out of the EU on Oct. 31, if necessary without a transition deal.

However, British lawmakers have passed legislation that they say would force a Brexit delay rather than a no-deal Brexit.

Javid said he saw a “decent chance” the plan would clear parliament, despite the opposition of a Northern Irish party which has been a key ally of Johnson.

Javid also said the search for the next Bank of England governor was on track and was going “very, very smoothly.”

“I think the most important thing for me is I really, crucially value the independence of the Bank of England and I want someone who values that too and will be independent-minded,” he said, declining to comment further.

On his budget plans, Javid said he believed interest rates would be low for a long time and he reiterated that he was looking at how to take advantage of cheap borrowing costs to increase long-term productive public investment.

“I traded bonds markets for 20 years and I’ve never seen anything like this,” the former Deutsche Bank managing director said, explaining why he is considering new fiscal rules that are expected to relax the government’s grip on the public finances.


Source link
Read also:
One America News Network › Finance › 1 month ago
WASHINGTON (Reuters) - Britain's new Brexit deal has a "decent chance" of clearing a crucial vote in the country's parliament on Saturday and the alternative is to leave the European Union without a
The Sun › Finance › 1 week ago
CHANCELLOR Sajid Javid was set to deliver the Budget on November 6. However, after Parliament voted to delay Brexit and Boris Johsnon called for a General Election, Javid decided to not deliver it. When is the autumn Budget 2019? Chancellor Sajid Javid...
The Sun › Politics › 1 month ago
BORIS Johnson’s new dog has been trying to have sex with Chancellor Sajid Javid’s pooch, No10 sources have revealed. They said BoJo’s little Jack Russell Dilyn has to be carried whenever he is joined in the Downing Street garden by Mr Javid’s...
The Sun › Politics › 1 month ago
BRITAIN’s first Brexit Budget will take place on 6 November – after the country is scheduled to be out of the European Union. Sajid Javid revealed this morning he is planning to reveal his plans to shape the country’s economy in just five weeks...
Evening Standard › Politics › 2 weeks ago
Chancellor Sajid Javid has condemned Spectator columnist Rod Liddle after he suggested holding elections at a time when Muslims are unable to vote.
The Sun › Politics › 1 month ago
BORIS Johnson today is fighting for his Brexit deal in a ‘super Saturday’ historic vote as thousands of protesters set off in a ‘People’s Vote’ march outside Parliament. Follow along for all the Brexit news and live updates from today’s...
Express › 3 weeks ago
SAJID JAVID has vowed that the Government will “sit every hour of the day” in order to get Brexit done by October 31.
Reuters › 1 month ago
The British government should obey the law but is taking a careful look at one which forces the prime minister to ask for a Brexit delay if a deal is not struck with the European Union by Oct. 19, finance minister Sajid Javid said on Monday.
The Sun › Politics › 1 month ago
BRITAIN’s first Brexit Budget will take place on 6 November – after the country is scheduled to be out of the European Union. Sajid Javid revealed this morning he is planning to reveal his plans to shape the country’s economy in just five weeks...
Reuters › Politics › 1 month ago
British finance minister Sajid Javid said on Monday he planned to deliver the first post-Brexit budget statement on Nov. 6, less than a week after the country's deadline for leaving the European Union.
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR