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<ul class="summary-list"><li>The <keyword id="6441867" type="UNKNOWN" weightage="60" keywordseo="Pound">pound</keyword> rose by as much as 1.6% against the dollar, after the deadline for <keyword id="6355333" type="UNKNOWN" weightage="60" keywordseo="Brexit">Brexit</keyword> trade talks were extended following a constructive discussion between British Prime Minister <keyword id="6380867" type="PERSON" weightage="60" keywordseo="boris-johnson">Boris Johnson</keyword> and European Commission President <keyword id="1576144" type="PERSON" weightage="60" keywordseo="Ursula-von-der-Leyen">Ursula von der Leyen</keyword>.</li><li>Chief Brexit negotiator Michel Barnier said on Monday a deal could be reached as soon as this week, if both sides compromise on fishing.</li><li>A no-deal Brexit is unlikely because the UK would have to deal with immense economic costs, a strategist said.</li><li>The pound's rise is set to continue after an extension to talks suggest there is plenty of room for volatility in the near-term, Rabobank analysts said.</li></ul><p>The <a href="https://markets.businessinsider.com/currencies/gbp-usd?utm_source=markets&amp;utm_medium=ingestgest">pound</a> rose against the dollar on Monday as investors breathed a sigh of relief after the UK and the European Union <a href="https://www.businessinsider.com/brexit-trade-deal-talks-continue-boris-johnson-call-ursula-von-fer-leyen-2020-12">extended the deadline for Brexit talks</a> on Sunday.</p><p>The currency was on track for its best day since mid-March, rising by around 1.6% to $1.346 as of 11:05 a.m. GMT. London's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> traded up around 0.3%, making it one of the weakest performing indices in the region, compared with the 1% gain in the Stoxx 600.</p><p>British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen agreed on Sunday to "go the extra mile" in search of a Brexit agreement before the transition period ends on December 31, to avoid the UK tumbling out of the single market and into the economic and financial unknown. Johnson said both sides were still "very far apart", but that "the UK certainly won't be walking away from talks."</p><p>Chief Brexit negotiator Michel Barnier told EU ambassadors on Monday that a deal could be reached as soon as this week if both sides find a compromise on fisheries, <a href="https://www.telegraph.co.uk/politics/2020/12/14/brexit-news-latest-no-deal-talks-update-today-boris-johnson/">according to the Telegraph</a>.</p><p>A no-deal Brexit is unlikely given the economic costs for the UK would be too high and political support for Johnson would be adversely impacted, David Roche of Independent Strategy <a href="https://www.cnbc.com/video/2020/12/14/a-no-deal-brexit-is-unlikely-to-happen-says-strategist.html">told CNBC</a>.</p><p>Against the euro, which reflects investor confidence in the Brexit process, the pound gained 1% on the day, set for its largest daily increase in over two months.</p><p><strong><em>Read More:</em></strong> <a href="https://www.businessinsider.com/stock-picks-to-buy-2021-best-growth-value-investing-jpmorgan-2020-12"><em>JPMorgan unveils its 50 'most compelling' stock picks to buy for 2021 - and details why each one will be a top performer</em></a></p><p>"As long as the two sides are talking, there remains the belief that common sense will prevail and a deal will be reached that avoids the cliff edge on January 1st," said Craig Erlam, a senior market analyst at OANDA.</p><p><keyword id="46108" type="COMPANY" weightage="60" keywordseo="Sterling">Sterling</keyword> was up against the Chinese yuan, the Japanese yen and the Canadian dollar, gaining between 1.3 and 1.5% on the day, as growing confidence drew investors back towards UK assets.</p><p>Eurozone indices were also buoyed by the recent developments. <a href="https://markets.businessinsider.com/index/dax">Frankfurt's DAX</a> and the benchmark French <a href="https://markets.businessinsider.com/index/cac_40">CAC 40 index</a> both rose 0.8%.</p><p>The strength in the pound is set to continue over the coming days, as the extension to talks suggests there is plenty of room for volatility in the near-term, Rabobank analysts said.</p><p>If financial <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and betting markets are thinking alike, the pound would probably fall to about €1.04 ($1.26), 7% below its early November level, if no-deal came to pass, said Sam Tombs, chief UK economist at Pantheon Macroeconomics. Conversely, the pound might rise to €1.14 ($1.39) if a deal is signed off and appears to be durable.</p><p><strong><em>Read More:</em></strong> <a href="https://www.businessinsider.com/stocks-to-buy-cheap-high-quality-lgbt-inclusive-credit-suisse-2020-12"><em>Buy these 28 discounted stocks from an LGBT-inclusive index that's crushed its global benchmark since 2010, says Credit Suisse</em></a></p>

Pound soars in relief rally after the UK and EU extend the deadline for Brexit trade talks

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">Prime Minister Theresa May</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Members of Parliament attempt to force Theresa May to delay Brexit again.</strong></li><li><strong>A new bill brought forward by Labour MP Yvette Cooper would require the prime minister to seek an extension beyond the current Brexit date of April 12.</strong></li><li><strong>The new bill comes after the House of Commons failed to vote for any of the alternatives to May's deal.</strong></li><li><strong>May's Cabinet will meet for five hours on Tuesday to seek a way through the crisis.</strong></li></ul><p>LONDON - Theresa May could this week be forced to seek another delay to Brexit, under a new piece of legislation brought forward by Members of Parliament.</p><p>The legislation, called the European Union (Withdrawal) (No.5) Bill, could be passed through the House of Commons on Thursday if plans by MPs opposed to a no-deal Brexit are successful.</p><p>Under the bill, drafted by Labour MP Yvette Cooper and Conservative MP Oliver Letwin, the prime minister would be forced to seek an indeterminate extension to the Article 50 process which is currently due to finish on April 12.</p><p>Any delay beyond that date would require the UK to take part in the upcoming European Parliament elections in May.</p><p>The length of any extension would be for the prime minister to decide in negotiations with the EU.</p><p>The House of Commons Speaker John Bercow said on Tuesday that he would allow the bill to pass through the House in just one day, if the Commons agrees to the timetable on Wednesday.</p><p>The decision to bring the legislation forward follows the <a href="https://www.businessinsider.com/brexit-indicative-votes-mps-reject-all-alternatives-to-theresa-mays-deal-2019-4?r=US&amp;IR=T">failure of MPs on Monday evening to agree any alternative</a> to leaving the EU under May's deal.</p><p>MPs failed to vote for either a softer Brexit, a second referendum, or to revoke Article 50.</p><p>Senior EU figures warned on Tuesday that a <a href="https://www.businessinsider.com/jamal-khashoggis-kids-receive-money-and-houses-from-the-saudis-2019-4">no-deal Brexit </a>was now a "likely" outcome.</p><p>"No deal was never our desired or intended scenario," the EU's chief negotiator Michel Barnier told an audience in Brussels.</p><p>"But the EU27 is now prepared. It becomes, day after day, more likely."</p><p>May's Cabinet was due to meet for five hours on Tuesday in the latest attempt to find a way through the growing Brexit crisis.</p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/paul-manafort-russia-mueller-probe-prison-fraud-conspiracy-trump-2019-3">Paul Manafort faces over 7 years in prison for conspiracy and obstruction. Here's what you need to know about Trump's former campaign chairman.</a></h3>        <div>                    </div>    </div>

Theresa May could be forced to seek another Brexit delay this week

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Jenny Matthews/In Pictures via Getty Images</span></p></div><p></p></div></div></p><ul class="summary-list"><li>The petition calling for Brexit to be reversed surpassed five million signatures on Sunday.</li><li>It is the most popular petition in UK history.</li><li>Hundreds of thousands of anti-Brexit protesters marched through central London on Saturday.</li><li>Members of Parliament will next week vote on alternatives to Theresa May's battered deal.</li></ul><p>LONDON - Over five million people have signed an online petition calling on the UK government to cancel Brexit.</p><p><a href="https://petition.parliament.uk/petitions/241584" target="_blank" rel="noopener">The petition</a>, which urges Theresa May's government to keep the United Kingdom in the European Union by revoking Article 50, was approaching 5.1 million signatures at the time of writing on Sunday afternoon.</p><p>It is the most-supported online petition in UK history.</p><p>The petition - which is backed by leading politicians like London mayor Sadiq Khan, Scottish leader Nicola Sturgeon, and a number of Members of Parliament - continues to attract support after hundreds of thousands of anti-Brexit protesters marched through central London on Saturday.</p><p>March organisers estimate that over one million people took part.</p><p>The House of Commons has already decided to delay Brexit after failing to agree on a withdrawal deal.</p><p>EU leaders agreed last week that the UK will leave on May 22 if MPs vote for May's deal next week.</p><p>However, if as expected MPs do not support the prime minister's deal, which has already been voted down twice, then they will have two weeks to come up with a plan B before a new Brexit date of April 12.</p><p>MPs are set to vote on a number of alternatives to May's unpopular agreement with the EU, including a softer Brexit and a new referendum.</p><p>The record-breaking petition calls for Brexit to be scrapped altogether. Under EU law, the UK government can revoke Article 50 unilaterally, meaning it does not need the permission of other EU member states.</p><p>"The government repeatedly claims exiting the EU is 'the will of the people'.</p><p>"We need to put a stop to this claim by proving the strength of public support now, for remaining in the EU," the petition says.</p><p>The UK Parliament's website crashed earlier this week due to the volume of people signing it.</p><p>Prime Minister May has said she is completely opposed to the idea of revoking Article 50.</p>   <p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/paul-manafort-russia-mueller-probe-prison-fraud-conspiracy-trump-2019-3">Paul Manafort faces over 7 years in prison for conspiracy and obstruction. Here's what you need to know about Trump's former campaign chairman.</a></h3>        <div>                    </div>    </div>

Over 5 million people have signed a petition calling for Brexit to be cancelled

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Greg Sandoval/Business Insider</span></p><p class="caption">Paris, France.</p></div><p></p></div></div></p><ul class="summary-list"><li>JPMorgan and BlackRock are poised to announce job moves to Paris, according to the FT.</li><li>It comes as banks worry about the rising risk of a 'hard' Brexit, which would cut London-headquartered banks off from European markets.</li></ul><p>LONDON - JPMorgan and BlackRock are poised to announce the move of jobs from London to Paris as part of preparations for Brexit, <a href="https://www.ft.com/content/ba826420-c49e-11e8-8670-c5353379f7c2">the Financial Times reported over the weekend.</a></p><p>The paper cited unnamed sources familiar with the financial firms' thinking. JPMorgan and BlackRock both declined to comment to Business Insider.</p><p>The possible movement of jobs comes as banks increasingly fear the consequences of a so-called "hard Brexit." Once seen as highly unlikely, many senior figures in the City now worry that there is a realistic chance of Britain crashing out of the EU without a deal on their future relationship. Executives are executing back up plans to ensure their businesses are not locked out of the EU after the official Brexit date next March.</p><p>The FT <a href="https://www.ft.com/content/62112fba-c4a8-11e8-8670-c5353379f7c2">warned in a separate report on Monday</a> that banks are considering exiting the UK derivatives market for fear that they will not be allowed to access London clearing houses post-Brexit. UBS said in a note last month that it <a href="https://www.businessinsider.com/brexit-ubs-expects-londons-lch-to-lose-25-of-euro-clearing-volumes-2018-9">expects LCH, London's biggest clearing house, to lose at least 25% of its volumes as a result of Brexit.</a></p><p>Cities such as Dublin, Frankfurt, and Milan have become popular destinations as banks and trading firms look to relocate jobs to EU regulated jurisdictions. Paris appears to be a major beneficiary. Bank of America Merrill Lynch and <a href="https://www.businessinsider.com/r-hsbc-ceo-confirms-possible-hard-brexit-plan-to-move-1000-jobs-to-paris-2017-7">HSBC have both said they may move 1,000 jobs each to the French capital.</a> Around 70 asset managers are in the process of acquiring licenses to operate in France, according to the FT report, with <a href="https://www.businessinsider.com/r-blackrock-expands-in-paris-with-new-hires-ahead-of-brexit-source-says-2018-7">BlackRock the biggest.</a></p><p>The French have been aggressively <a href="https://www.businessinsider.com/r-tired-of-fog-try-the-frogs-paris-tries-to-poach-london-business-after-brexit-2016-10">wooing financiers in the City of London since Britain votes to leave the EU in June 2016.</a> Senior lobbyists and politicians from Paris said last year that <a href="https://www.businessinsider.com/brexit-paris-steal-banking-jobs-city-of-london-2017-2">10,000 jobs in the financial sector could migrate to the City from London as a result of Brexit.</a></p><p>Executives from JPMorgan, Citi, and Barclays Ireland played down job move fears in a recent evidence session for UK MPs. The three banks said they expect job moves in the hundreds in the immediate wake of Brexit. But JPMorgan's Mark Garvin <a href="https://www.businessinsider.com/jpmorgan-citi-and-barclays-london-brexit-banking-job-losses-2018-9">warned that the figures he offered were just "day one" moves and he can "envision a scenario where those numbers could be substantially larger."</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/ray-dalio-bridgewater-debt-crisis-downturn-coming-about-two-years-2018-9">Ray Dalio says the economy looks like 1937 and a downturn is coming in about two years</a></h3>        <div>                    </div>    </div>

BlackRock and JPMorgan could help Paris steal London's financial crown after Brexit

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">UK Prime Minister Theresa May</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Eurosceptic Tory MPs are threatening to vote against what was supposed to be a simple Brexit vote for Theresa May.</strong></li><li><strong>The MPs are concerned that today's vote could express support for taking no-deal off the table.</strong></li><li><strong>If the ERG - which can count up to 60 votes - decides to vote against the motion on those grounds, it means the prime minister will suffer another humiliating defeat on what should have been an easy win.</strong></li><li><strong>Downing Street believes 27 February is the key Brexit date where MPs could finally take no-deal off the table.</strong></li></ul><p>LONDON - Theresa May faces a Commons defeat on Thursday if Eurosceptic MPs carry out their latest threat against the prime minister to thwart her Brexit plans.</p><p>MPs will vote this afternoon on what was supposed to be a straightforward motion endorsing the prime minister's Brexit strategy, which won a majority in the Commons in January.</p><p>However, the European Research Group of Brexit-supporting Tory MPs is unhappy with the wording of the motion, which states that parliament "<span>reiterates its support for the approach to leaving the EU expressed by this House on 29 January."</span></p><p><span>The problem is that MPs voted that day, not only for a motion stating that the backstop must be replaced by "alternative arrangements," but also for a motion tabled by Conservative MP Caroline Spelman saying that no deal must be prevented.</span></p><p>One ERG member told Business Insider: "We need to make sure the motion is more neutral before supporting it as Spelman is referred to in the motion which we disagree with, so rather than "welcomes" it needs to say "notes discussions ongoing.""</p><p>If the ERG - which can count up to 60 votes - decides to vote against the motion on those grounds, it means the prime minister will suffer another humiliating defeat on what should have been an easy win.</p><p>Trade secretary Liam Fox warned on Thursday morning: "Our European partners will be watching our debate and listening today to see if they get the impression that if they were to make those concessions Parliament would definitely deliver."</p><p>"There's a danger that we send the wrong signals."</p><p>This afternoon's vote is non-binding, unlike the House of Commons defeat on her Brexit deal last month, which was the biggest in modern British history.</p><p>However, it would weaken the hand of the prime minister who is trying to demonstrate a united domestic front to Brussels in an attempt to renegotiate parts of her deal.</p><h2>Remainer rebellion?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Adrian Dennis - WPA Pool/Getty Images</span></p><p class="caption">Theresa May's Cabinet</p></div><p></p></div></div></p><p>The news comes as reports emerged that Remain-supporting ministers are once again planning to seize control of the Brexit process by the end of February. The long-awaited rebellion from Remain-supporting ministers could finally happen on February 27, the FT reported.</p><p>Backbench MPs including Labour's Yvette Cooper and Conservative Oliver Letwin are planning to table an amendment which would seek to take no deal off the table and put the next stages of Brexit in parliament's hand, rather than Downing Street's. </p><p>The prime minister's aides have reportedly conceded that there is a good chance that Cabinet ministers will quit in order to support the initiative.</p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/roger-stone-president-donald-trump-never-change-2017-2">ROGER STONE: Trump is 'never going to change'</a></h3>        <div>                    </div>    </div>

Theresa May set for another Commons defeat as Brexiteers threaten to reject her Brexit plans

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.reutersconnect.com/all?id=tag%3Areuters.com%2C2018%3Anewsml_RC15EA9F4F50%3A967769174&amp;search=all%3Aparis%20flag">REUTERS/Jean-Paul Pelissier</a></span></p><p class="caption">A France flag waved by a fan in front of the Eiffel Tower in Paris.</p></div><p></p></div></div></p><ul class="summary-list"><li>Bank of America Merrill Lynch is moving as many as 400 sales and trading jobs to Paris as part of Brexit preparations.</li><li>The bank produced an information leaflet for staff who may be affected, which was circulated internally in August.</li><li>Business Insider has seen the leaflet. It advertises Paris' "famous chefs and restaurants", "some of the best wine regions in the world", and its educational and cultural amenities. </li></ul><p>Paris has it all, according to Bank of America Merrill Lynch.</p><p>The American banking giant has produced a brochure for London employees considering a move to Paris as part of Bank of America Merrill Lynch's Brexit contingency plans. The document, seen by Business Insider, includes a section headed "Reasons to live and work in Paris" that touts the city's excellent culture, educational facilities, food and wine, and access to outdoor activities.</p><p>Bank of America Merrill Lynch declined to comment when contacted by Business Insider.</p><p>Bank of America employs around 4,500 people in the UK and around 100 in Paris. However, the lender is looking to adjust that balance as Brexit looms. It has publicly said that around 200 jobs in sales and trading will likely have to move and <a href="https://uk.reuters.com/article/uk-britain-eu-bank-of-america/bank-of-america-raises-planned-paris-job-moves-before-brexit-sources-idUKKCN1J32IS">Reuters reported over the summer that the number could be as high as 400.</a> </p><p>Bank of America circulated the brochure to staff who may be affected by the changes in August. The leaflet boasts of Paris' museums, its "famous chefs and restaurants", and "some of the best wine regions in the world."</p><p>When it comes to culture, "Paris has it all," the bank writes. The brochure also touts Paris' schools and proximity to London. More broadly, it advertises the "spectacular ski slopes of the Alps and Pyrenees and the beaches of the Atlantic and Mediterranean coasts", which are accessible by train.</p><p>Last year, Bank of America signed a new lease on a 100,000 square foot office in Paris, which it references in its brochure. The space is currently being refurbished and will be ready for occupation at the start of next year.</p><p>Bank of America is not alone in looking to move jobs out of London due to Brexit. The<a href="https://www.ft.com/content/ba826420-c49e-11e8-8670-c5353379f7c2"> Financial Times reported over the weekend</a> that JPMorgan and BlackRock are poised to announce shifts across the channel as part of Brexit preparations. <br /><br />Banks are increasingly concerned about the chance of a so-called "hard Brexit." Once seen as highly unlikely, many senior figures in the City now worry that there is a realistic chance of Britain crashing out of the EU without a deal on the future relationship between the two. Executives are executing back up plans to ensure their businesses are not locked out of the EU after the official Brexit date next March.</p><p>However, banks must also win over staff, many of whom have families based in the UK and may not want to relocate. Cities such as Paris and Amsterdam have <a href="https://www.businessinsider.com/brexit-amsterdam-and-holland-could-lure-finance-jobs-from-britain-2017-1">played up their cultural and educational chops when pitching finance execs</a> on job moves as these "soft" sells are seen as an important draw for bankers. </p><p>Also read: </p><ul><li><a href="https://www.businessinsider.com/bank-of-america-spends-10-billion-on-tech-and-hires-from-apple-disney-2018-9">A top Bank of America executive explains how the bank is luring top talent from companies like Apple and Disney to fuel its $10 billion digital ambitions</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/ray-dalio-bridgewater-debt-crisis-downturn-coming-about-two-years-2018-9">Ray Dalio says the economy looks like 1937 and a downturn is coming in about two years</a></h3>        <div>                    </div>    </div>

Fine wines, skiing in the alps, and the best food in the world: How Bank of America is selling Paris to bankers ahead of Brexit

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li><strong>European Union leaders agree to delay Brexit until October 31.</strong></li><li><strong>Prime Minister Theresa May had requested a short extension until June 30.</strong></li><li><strong>However, after around six hours of intense talks in Brussels, EU leaders agreed to give the UK a Brexit delay lasting until Halloween, according to multiple reports.</strong></li><li>The leaders had to overcome strong disagreements in order to agree on a new Brexit date.</li><li><strong>May had promised the UK parliament she would not deliver a long Brexit delay.</strong></li><li><strong>The prime minister will use the six month extension to pursue a cross-party deal with Jeremy Corbyn's Labour Party and other opposition MPs.</strong></li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit BusinessInsider.com for more stories</a>.</li></ul><p>BRUSSELS &amp; LONDON - Brexit is set to be delayed by up to six months, after European leaders rejected Theresa May's request for a short extension to the Article 50 withdrawal process and instead gave her a longer deferral.</p><p>EU leaders met in Brussels on Wednesday evening to discuss the prime minister's request for the United Kingdom's exit from the EU to be postponed until June 30, 2019.</p><p>May sought a two-and-a-half month delay which she claimed would provide enough time for her to get a Brexit deal through the House of Commons, and help the UK avoid taking part in the upcoming European Parliament elections.</p><p>However, after hours of intense talks, the leaders of the other 27 EU member states agreed to delay Brexit until October 31, meaning that the UK is set to remain in the EU until Halloween, according to multiple reports.</p><p>Brexit was originally scheduled to take place on March 29. However, fundamental disagreements between the UK government and the EU, plus between MPs in the House of Commons, created months of deadlock.</p><p>Prime Minister May has previously insisted she would not accept a long delay, telling MPs last month: "<span>I am not prepared to delay Brexit any further than June 30."</span></p><p><span>Talks in Brussels lasted for around hours, with leaders offering a range of views on how long Brexit should be delayed.</span></p><p><span>French President Emmanuel Macron was particularly keen to push back against suggestions that the UK could stay in the EU for another twelve months, leading to a compromise deadline of October 31.</span></p><p>May told her European partners that the UK would use the extension to forge a new cross-party agreement on Brexit.</p><p>In the past week, the prime minister and her team have held a series of meetings with the opposition Labour party leader Jeremy Corbyn and his advisers about a possible compromise deal.</p><p>However, talks have faltered in recent days with Labour insisting that the government has refused to change any of its long-standing red lines.</p><p>Labour has demanded that May keep the UK in a customs union with the EU, with large numbers of Labour MPs also pushing for an agreement to hold a referendum on whatever deal is eventually agreed.</p><p>The prime minister has repeatedly opposed both of these demands, with Conservative MPs threatening to oust her as their leader if she agrees to a deal with Corbyn.</p><h2>What happens next?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>The prime minister will return to London on Thursday to update the House of Commons on the agreement reached with the EU. May will not have to seek approval of MPs for the UK's new exit date, having already secured a parliamentary majority for delaying Brexit.</p><p>The delay also means that MPs are set to next week have their first break from Westminster this year, after previous parliamentary recess periods were cancelled due to the ongoing Brexit deadlock.</p><p>However, Brexit talks with Labour will continue on Thursday with the UK government remaining committed to securing an agreement before the European Parliament elections at the end of May.</p><p>One proposal under consideration by ministers is to bring forward the legislation for the withdrawal agreement in the coming days and weeks and allow MPs to amend it in an attempt to secure cross-party agreement.</p><p>Asked about the proposal on Wednesday, May's official spokesman said that while it was "technically possible" to do this, the government was not committing to doing so at this stage.</p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>

Brexit delayed until October 31: EU leaders reject Theresa May's demand for short extension

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Charles McQuillan/Getty Images</span></p><p class="caption">Boris Johnson and DUP leader Arlene Foster.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Business leaders express growing concern over the new Brexit deal.</strong></li><li><strong>Boris Johnson's government has this week revealed details of new checks on goods moving both ways between Northern Ireland and Great Britain under the new agreement.</strong></li><li><strong>The Federation of Small Businesses told Business Insider that while they initially welcomed the Brexit deal "what we have heard since is causing a lot of concern."</strong></li><li><strong>The Freight Transport Association warned that British businesses don't have the capacity to carry out new checks. </strong></li><li><strong>Brexit Secretary Stephen Barclay on Monday admitted that there would be checks on goods moving west to east, having previously said the route would be "frictionless."</strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></strong></li></ul><p>LONDON - Northern Irish business leaders are alarmed about how Boris Johnson's Brexit deal will hurt industry in the province, after the United KIngdom government admitted there would be new barriers to trade across the Irish Sea.</p><p>Johnson's government on Monday revealed that goods moving from Great Britain to Northern Ireland after Brexit would be subject to new import checks and regulation - creating administrative costs of up to £56 per customs declaration. </p><p>Roger Pollen, Head of External Affairs at Federation of Small Businesses Northern Ireland, told Business Insider that while they had initially welcomed the deal, "what we have heard since is causing a lot of concern."</p><p>A UK government impact assessment published on Monday revealed that businesses trading from Great Britain to Northern Ireland would need to sign import declaration and an Entry Summary Declarations after Brexit.</p><p><em><strong>Read more: <a href="https://www.businessinsider.com/boris-johnson-analysis-shows-brexit-deal-will-make-uk-poorer-2019-10?r=US&amp;IR=T" target="_blank" rel="noopener">Boris Johnson's own official government figures shows his Brexit deal will make British people much poorer</a></strong></em></p><p>The <a href="https://www.politico.eu/pro/barclay-northern-irish-firms-to-complete-declarations-when-trading-with-britain/" target="_blank" rel="noopener">Brexit Secretary Stephen Barclay said</a> that goods moving the other way from Northern Ireland to Great Britain, would also be forced to undergo checks known as exit summary declarations.</p><p>Barclay confirmed to a House of Lords committee that businesses in Northern Ireland would see checks carried out on goods they sell to Great Britain, after mistakenly claiming that west to east trade would be "frictionless."</p><p>Johnson on Tuesday denied that the new regulations amounted to "checks" on the Irish Sea, describing them instead as "light touch measures."</p><p>However, the FSB said that the government's admission had come as a "surprise" to the business community, and accused them of not being honest about how Johnson's deal with the EU would impact British businesses.</p><p>"We've been getting mixed signals from government, not just in that committee but in other places too," Pollen said.</p><p>"We have been assured that friction will be be minimal impact and light touch. We were under the impression that west to east trade would be unfettered.</p><p>"What we are now starting to see and hear is causing great concern."</p><p>He added: "It looks like it would add a lot of cost, bureaucracy, and delay, and that would be immensely unwelcome."</p><p><em><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Artur Widak/NurPhoto via Getty Images</span></p><p class="caption">A general view of Dublin Marine Terminals ready for upcoming Brexit date. On Friday, May 31, 2019, in Dublin, Ireland.</p></div><p></p></div></div></strong></em></p><h2>British business is not ready for new checks, industry leaders warn</h2><p>Paul Bastidon, Head of Global and European Policy at the Freight Transport Association, told Business Insider that the cost of new checks between Northern Ireland and Great Britain wasn't the only problem for UK business.</p><p>She warned that many companies, particularly small businesses, don't have the capacity to carry out the new checks.</p><p>"These new obligations would come at a substantial cost to industry (£7.5 billion for completing customs declarations alone for the whole of the UK according to HMRC), but the key question is one of feasibility, in light of the shortage of customs brokers highlighted by the National Audit Office in a recent report," she told Business Insider.</p><p>The government's impact assessment says small businesses could hire third-party customs brokers to complete customs declarations for them. However, the there is currently a shortage of customs brokers in the UK, <a href="https://www.nao.org.uk/report/the-uk-border-preparedness-for-eu-exit-october-2019/?utm_source=Twitter&amp;utm_medium=social&amp;utm_campaign=SocialSignIn&amp;utm_content=Brexit+Border" target="_blank" rel="noopener">according to a National Audit Office report published this month.</a></p><p>"The Government will need to address these structural issues of customs brokers and veterinarian shortages identified in the NAO report in consultation with industry," Bastidon said.</p><p>"Without it, many companies, not least small and medium sized businesses, would be unable to comply with new obligations."</p><p><em><strong>Read more: <a href="https://www.businessinsider.com/brexit-chlorinated-chicken-donations-poultry-industry-surge-trump-boris-johnson-2019-10" data-analytics-position="5">Surge in campaign donations from US poultry lobby as Trump pushes for Brexit trade deal with UK</a></strong></em></p><p>Naomi Smith, CEO of pro-EU group Best For Britain said: "The government is trying to be all things to all men.</p><p>"They want to pretend there's no border along the Irish Sea, because that would admit that their Brexit deal would split the United Kingdom."</p><p>"But businesses are now seeing through the deception. They know this deal will add cumbersome paperwork, stifle trade and ultimately see jobs leaving the country. </p><p>She added: "That threatens our prosperity in the short and long term, and shows why so many people are sceptical of this damaging deal.</p><p>"With so many businesses, politicians and communities worried about the implications of this deal, it seems only right that the public are given the final say on Brexit."</p><p>Northern Ireland's Democratic Unionist Party, that props up Johnson's Conservative government, is set to vote against Johnson's deal on the grounds that it would create trade barriers between the province and Great Britain.</p><p>The prime minister's plan to take the UK out of the EU with his deal on October 31 could be derailed on Tuesday evening if members of Parliament vote against the government's controversial programme motion.</p><p>If passed, the motion would force Parliament to hold 12-hour sessions and sit at the weekend in order to pass all necessary Brexit legislation before the Halloween Brexit deadline next week.</p><p>However, opposition MPs and some Conservatives are set to oppose the motion, on the grounds that they should have more time to scrutinise details of Johnson's deal, revealed in the Withdrawal Agreement Bill (WAB.)</p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/vanderbilt-university-45-year-study-intelligent-children-success-2017-5">A 45-year-long study discovered trends in successful hyper-intelligent children</a></h3>        <div>                    </div>    </div>

Business leaders speak out against 'immensely unwelcome' new border checks in Boris Johnson's Brexit deal

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">Prime Minister Theresa May and European Council President Donald Tusk.</p></div><p></p></div></div></p><ul class="summary-list"><li>Theresa May will head to Brussels on Wednesday to request another delay to Brexit in order to prevent Britain crashing out of the EU without a deal.</li><li>However, with no sign of an end to the political crisis in the UK, the threat of a no-deal Brexit is still on the table.</li><li>Even senior members of May's government are starting to talk about cancelling Brexit by revoking Article 50.</li><li>More than 6 million people have signed an official government petition calling for it to be revoked.</li><li>Senior MPs say there would be a House of Commons majority for doing it in order to avoid no-deal.</li></ul><p>LONDON - As Theresa May heads to Brussels to plead for another delay to Brexit, amid failing cross-party talks and continued parliamentary chaos, the idea of cancelling the United Kingdom's exit from the EU is starting to gain traction in Westminster.</p><p>Once a fringe cause, the idea of revoking Article 50 - the legal process through which Britain is due to leave the EU - is quickly becoming mainstream, with a record six million people recently <a href="https://petition.parliament.uk/petitions/241584" target="_blank" rel="noopener">signing a petition</a> in favour of it.</p><p>After two years of bitter negotiations with the EU and total legislative deadlock in the UK parliament, the thought of simply calling the whole thing off is now increasingly being raised, even by senior members of May's government.</p><p>On Tuesday the Chancellor, Philip Hammond, <a href="https://www.telegraph.co.uk/politics/2019/04/09/philip-hammond-suggests-mps-could-revoke-article-50-prevent/">reportedly raised the prospect of MPs voting to revoke Article 50</a> rather than allow Britain to leave without a deal if May's request for a delay is rejected.</p><p>Another MP, who recently quit May's government, told Business Insider this week that while revoking Article 50 was "unpalatable" for many MPs and wasn't "the best way out of this situation," it would be supported by a majority of MPs if the country was hours away from leaving the EU without a deal, and left with no other alternative.</p><p>"It's the ultimate backstop," they said.</p><h2>So what does revoking Article 50 actually mean?</h2><p>There are three ways for the UK to avoid a no-deal Brexit: MPs vote for a Brexit withdrawal deal, the British public votes to stay in the EU in a new referendum, or the UK government reverses Brexit by revoking Article 50.</p><p>Set out in the Lisbon Treaty, Article 50 describes the legal process for a country's departure from EU. It gives exiting member states two years to negotiate the terms of divorce with the EU.</p><p>May triggered Article 50 in March 2017 but since then Brexit negotiations have been hampered by fundamental disagreements both between her government and the EU, and among MPs in the Houses of Parliament.</p><p>UK and EU negotiators spent weeks arguing over the backstop for the Irish border and once an overall agreement was finally reached, it was voted down by MPs in Westminster three times.</p><p>As a result, the prime minister has been forced to ask the EU for two extensions to Article 50, in order to avoid the cliff-edge of a no-deal Brexit and give MPs in Westminster more time to discuss a new Brexit plan.</p><p>The UK had to secure the approval of the 27 other EU member states for Article 50 be extended.</p><p>However, it does not need the approval of other European leaders to revoke Article 50.</p><p>In practice, all the UK government would need to do is tell the EU that it wants to scrap the Brexit process and it could stay in the EU indefinitely. </p><h2>Haven't MPs already voted against revoking Article 50?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>UK Parliament / Jessica Taylor</span></p><p class="caption">Theresa May and the Conservative frontbench await the result of vote on her Brexit deal, March 12, 2019.</p></div><p></p></div></div></p><p>Yes, they have.</p><p>The government is strongly opposed to revoking Article 50 and May has repeatedly said that doing so would be unacceptable. A majority of MPs in the House of Commons have voted against revoking Article 50 on two occasions in "indicative votes" on possible Brexit options, which have taken place over the past few weeks.</p><p>In the most recent round of indicative votes, MPs voted against a revocation amendment by 292 to 191.</p><p>The Article 50 revocation amendment, put forward by the Scottish Nationalist Party MP Joanna Cherry, said that the UK should revoke Article 50 in order to avoid no-deal. A last resort option, basically.</p><p>Even the Labour Party - which opposes a no-deal Brexit in all circumstances and says it would be terrible for British people and businesses - didn't vote for Cherry's amendment. Leader Jeremy Corbyn told his MPs to abstain.</p><p>Just ten Conservative MPs voted for it, with 260 voting against it.</p><h2>So is the option of revoking Article 50 dead?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Dinendra Haria/SOPA Images/LightRocket via Getty Images</span></p><p class="caption">Labour leader Jeremy Corbyn.</p></div><p></p></div></div></p><p>No.</p><p>MPs voted on Cherry's amendment on April 1, well over a week before the then Brexit date of April 12. This is important because it wasn't the no deal cliff-edge which would prompt greater numbers of MPs to back revocation.</p><p>And while Corbyn told Labour MPs to abstain on Cherry's amendment last week, <a href="https://www.theguardian.com/politics/2019/mar/21/corbyn-not-ruling-out-revoking-article-50-to-avoid-no-deal-brexit" target="_blank" rel="noopener">the Labour leader is refusing to rule out revoking Article 50 as an option altogether.</a></p><p>Labour's Shadow Business Secretary Rebecca Long-Bailey <a href="https://www.telegraph.co.uk/politics/2019/04/07/labour-would-revoke-article-50-alternative-no-deal-brexit-suggests/" target="_blank" rel="noopener">on Sunday said</a> her party would "consider very, very strongly" reversing Brexit as a last resort for avoiding no-deal.</p><p>This week another source in Corbyn's Shadow Cabinet told BI that revoking Article 50 might soon become a "practical necessity" which Labour will have to back in order to avert the country from a no-deal exit.</p><p>Even MPs who are opposed to a new referendum would be willing to support revoking Article 50.</p><p>Labour's Lisa Nandy, whose constituency voted strongly for Leave, <a href="https://www.standard.co.uk/news/politics/labour-mp-deals-blow-to-may-i-d-back-revoking-article-50-a4110321.html" target="_blank" rel="noopener">last week told the Evening Standard</a>: "The prospect of damage of no deal… is so serious that there is no question in my mind that I would vote to revoke Article 50."</p><p>Right now, there isn't a House of Commons majority for revoking Article 50, and for many MPs it is the nuclear option. However, in just a matter of weeks it has gone from being an unthinkable prospect to something being widely talked about.</p><p>If the Brexit impasse continues and MPs fail to agree on a Brexit plan, it might just become the only option left.</p> <p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/coffee-drinking-too-much-caffeine-body-drink-2019-4">What happens to your body when you drink too much coffee</a></h3>        <div>                    </div>    </div>

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