MAY TO MAKE ‘NEW, BOLD’ BREXIT OFFER
20, May 2019
Prelims level : International Mains level : Governance, Constitution, Polity, Social Justice and International relations (GS2Q)
Why in News:
- British Prime Minister Theresa May said she will present a “new, bold offer” to lawmakers with “an improved package of measures” in a final attempt to get the Brexit divorce deal through Parliament before she leaves office.
- After failing three times to get Parliament’s approval for her deal, the government will now put the Withdrawal Agreement Bill, legislation which will enact that deal, before Parliament.
- When the Withdrawal Agreement Bill comes before MPs, it will represent a new, bold offer to MPs across the House of Commons, with an improved package of measures
- Brexit is a term used to define United Kingdom coming out of EU
- Negotiations are undergoing currently between United Kingdom and European Parliament to negotiate the terms of the exit deal.
Constitutional Provision of Brexit:
- Lisbon Treaty (Article 50) provides for exit of member countries from European Union. For any country to come out of European Union, it has to negotiate a deal with EU. The deal will provide for a settlement between EU and UK
- While on the positive side, Brexit has driven away fears of a US Fed rate hike and could lead to lower commodity prices. Brexit has become a new worry for commodity producers, coming on top of concerns about China’s slowing economic growth.
- If news flows from both these sources continue to cloud the outlook for commodities, then prices may turn weak. Brexit’s impact will then be a fateful one for commodity producers and producing nations. Devaluation of rupee might enhance India’s export competitiveness