The EU (European Union) leaders and the U.K. administration have approved to a “receptive extension” of the Brexit deadline till October 31. Donald Tusk—President of the European Council—stated this development offers an “extra 6 Months for the U.K. to find the best potential solution.” The emergency meeting was congregated following Theresa May—Prime Minister of the U.K.—requested an additional delay to the UK’s exit from the bloc. She was strained to ask for extra time after the U.K. policy makers refused the Brexit agreement she struck with the EU in the last year in three parliamentary votes on the deal. The MPs (Members of Parliament) have also failed to attain a majority in the backing of alternative options, however.
Reportedly, May has been holding discussions with Jeremy Corbyn—Opposition Labour Leader—in the expectation that an alternative plan or negotiation can be found, but this so far has proved elusive. After 2 Years of Brexit conciliations, the U.K. was supposed to exit the EU on March 29. With Parliament not supporting the deal on offer, the administration asked for a small delay to April 12 in regard to getting support for a substitute Brexit strategy. As that has failed to occur, May was forced in the past week to request for a longer delay to June 30 in the context to stop the U.K. departure from the bloc without a deal.
Speaking of Brexit, recently, European markets were open mixed between the gloomy economic outlook and since Brexit deadline was extended. European stocks were mixed following the EU leaders approved to delay Brexit for minimum 6 Months. The pan-European Stoxx 600 was lowered slightly shortly following the opening bell, with major bourses and sectors pointing in opposite directions. Proceeds dominated the European trade. Sodexo’s—French hospitality firm—shares earned around 4% after it reported solid 2018 outcomes and stuck to its monetary goals for this year.
Alberto Strayer is World Industry Insights editor-in-chief. He is responsible for all business related editorial products. Alberto years ago, he joined World Industry Insight as a senior staff writer. Alberto spent the initial decade of his career with the publication covering business. Due to his efficiency and eye for detail, Alberto achieved the best performer of the year for consecutive 2 years. Alberto earned a Bachelor’s Degree in magazine production and editing. He loves to travel and explore the world in his free time.