Opposition to May's Brexit Plan Threatens to Derail Negotiations
*By Chloe Aiello*
British Prime Minister Theresa May finally garnered European Union support for her Brexit plan, but unrest at home threatens to dismantle negotiations ー and lawmakers have warned there is no plan B.
"The worst case scenario for many, particularly for anyone who is a 'Remainer,' is that we leave the EU without a deal in place at all," Ayesha Javed, Deputy Editor of The Wall Street Journal's WSJ City, told Cheddar on Monday.
The 585-page deal is designed to keep the United Kingdom within the EU's economic orbit through a transitional period, after which those ties will slowly weaken. The deal includes provisions to prevent a hard border in Ireland, [according to the Guardian,](https://www.theguardian.com/politics/2018/nov/14/theresa-mays-brexit-deal-everything-you-need-to-know) and guarantees some legal protections for the millions of EU citizens living in the U.K. and vice versa. Much of the focus of the deal has been on goods, rather than on financial services, Javed added, and details concerning trade and securities must still be ironed out.
"The idea is to keep trade as friction-less as possible, although that seems unlikely to happen," she added.
By approving May's plan in Brussels on Sunday, the European Union lawmakers implicitly threw their support behind May, as she works to ensure U.K. Parliament votes to approve the agreement on Dec. 12. She faces tremendous opposition.
"There are lawmakers, for example on the opposition Labour side, who say that the deal goes too far. Some are still pushing for a second referendum. There are others within Theresa May's Conservative Party who say that the deal doesn't go far enough," Javed said. "Some say that this deal is the worst of all worlds. And others say this is just a compromise that Theresa May has had to come up with."
EU leaders have warned there is no alternative to the negotiated deal. If U.K. Parliament slaps it down, a few different things could happen.
In the event the deal dies in Parliament, May could request more time from the EU, although Javed said she doubts an extension would be approved. Alternatively, May could face a leadership challenge from within her own party. Lastly, "Remainers," or those who prefer the U.K. remain part of the EU, could opt for another referendum on Brexit. That, Javed said, would be "an extreme scenario," because in pushing for a referendum, the U.K. could ultimately end up leaving the EU with no deal at all.
A no-deal Brexit would "cause huge disruption at the borders, it would mean tariffs and checks at the borders, and all sorts of unforeseen circumstances, and so that's something that a lot of lawmakers are very keen to avoid," Javed said.
"So while many might try to hold out for another referendum, it could go entirely the other way," she added.
The U.K. is scheduled to officially leave the EU on Mar. 29, 2019.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
The House Select Committee investigating the Jan. 6 riots on Capitol Hill held its first primetime hearing on Thursday. Cheddar News speaks with legal analyst Tracy Pearson, who breaks down the biggest takeaways.
Fuel and oil prices have risen almost 17 percent since May, making the national gas prices reach nearly $5 a gallon. Andrew Lipow from consulting firm Lipow Oil Associates joined Cheddar News to discuss the future of gas prices. "The biggest issue on the oil market is really events that are beyond our control, which is what is happening over in Europe," he said, regarding the ongoing Russia Ukraine war. Lipow also said he predicted gas prices to hit $5.05 and that he's focused on the Biden administration's overtures in repairing a relationship with Saudi Arabia.
March For Our Lives will be returning this weekend to Washington, DC, in the wake of the recent mass shooting seen throughout the country. Marchers include Yolanda Renee King, the only granddaughter of Martin Luther King Jr. She joined Cheddar News to discuss the importance of the march and activism in general. "I just think that it's so important to have these rallies because we need to demand to our leaders and politicians that they pass legislation and that and we actually need to see action," she said.
Erika Alexander and Whitney Dow, directors of 'The Big Payback,' join Cheddar News to discuss their new film, 'The Big Payback.' It premieres Saturday, June 11 at the Tribeca Festival.
President Biden proposed a new rule that would add 500,000 chargers for electric vehicles nationwide. The proposal comes amid the rapid shift to EVs with dozens of automakers announcing plans for all-electric fleets within the next decade. But with the new surge will the U.S. have the proper infrastructure to keep up? Scott Painter, founder and CEO of Autonomy.com joined Cheddar's Opening Bell to discuss. "I really think the idea of standardization is a big deal. Standardization certainly makes it much better for everybody to be able to get a charge when they need one," he said.
The House select committee investigating the January 6th riots on Capitol Hill is opening its landmark series of public hearings. Cheddar News speaks with Mike Sozan, senior fellow at the Center for American Progress who explains how to follow the hearings and what to expect.
