Skip to content
Thursday 23 July 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
City PM

European business, markets and politics

FTSE 100
10,696.02
-0.20%
DAX
25,000.88
-0.61%
CAC 40
8,348.52
-1.06%
STOXX 50
6,265.62
-0.81%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Wednesday 06 March 2019 8:21 pm  |  Updated:  Monday 03 June 2019 1:08 am

Brexit-backing Tories are running out of road

Next week, MPs will be asked to vote (again) on the government's proposed Brexit deal.

While Theresa May's team attempts to woo Labour MPs with offers of cash for poor areas and commitments on workers' rights, the attorney general and Brexit secretary have been in Brussels, frantically trying to win concessions on the thorny Irish backstop issue that has so far scuppered May's efforts to get her deal through parliament.

Their conversations with EU negotiators are said to have been “difficult and robust” – but so far fruitless.

Technically, the threat of a no-deal exit hangs over this political tussle. The OECD became the latest body to raise no-deal fears yesterday, warning that it would seriously undermine the UK's economic prospects and drag down global growth. Bank of England governor Mark Carney made the same point on Tuesday, though his team at Threadneedle Street also pointed out that the UK was better prepared than the EU – whose member states have been too focused on luring business from London and not focused enough on mitigating the hit to financial stability. The respected German think-tank, the IFO Institute, has warned that a no-deal scenario would wallop Ireland particularly hard – with a staggering 8.16 per cent hit to their economy. German business leaders are increasingly vocal about the damage that would be caused by a failure to agree an exit deal, as are manufacturers here in the UK.

You might think all of this would motivate the EU to soften its approach to the Irish backstop and allow May to get her deal over the line for the benefit of all concerned.

However, EU officials seem increasingly confident that the Westminster parliament simply will not allow a no-deal outcome – and, if they've read the signs (or newspapers) correctly, why would they go soft on their position?

It really does seem as if the choice facing MPs next week is between May's deal, an even softer Brexit or a delay to the whole idea. Of those opposed to May's deal, only a minority favour no-deal in its place. The sooner pro-Brexit Tories wake up to this reality the sooner they can shift their focus to the infinitely more significant and complex issue of shaping our future trading relationship with the EU.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business
  • Politics

Related Topics

  • Bank of England
  • Brexit
  • Mark Carney
  • People
  • Theresa May

Trending Articles

  • Romesh Ranganathan makes it hard to defend the BBC

  • Tax rises ‘guaranteed’ as Healey faces £22bn black hole from Burnham spending plans

  • Regulator flags BDO’s ‘unacceptable’ audit issues for fifth year in a row 

  • ‘We are going to run out’: Mitie marks eleventh mega takeover of 2026

  • Rachel Reeves’ sister takes top legal role in Burnham’s Cabinet overhaul

More from City PM

  • A pragmatic plan for Thames Water

    Opinion
    Thames Water infrastructure with pipes and maintenance workers, highlighting water management efforts in London
  • Singapore on Thames or the Sick Man of Europe?: The Economics of Brexit Ten Years from the Referendum 

    Opinion
    UK-EU Brexit negotiations meeting with officials discussing trade agreements and policy impacts in a formal conference room
  • What every dealmaker should know about the limits of general-purpose AI tools

    Partner
    DealCentre Connect platform launch event showcasing business leaders and technology innovations.
  • Burnham set for crunch decision on JP Morgan’s £10bn tower

    Banking
    Breaking news update with relevant statistics and graphs displayed on a digital screen, highlighting recent data trends.
  • Engineering group picked off London Stock Exchange in £4.1bn deal

    Markets
    Rotork industrial machinery in manufacturing plant showcasing advanced automation technology and engineering excellence
  • Farage quits to stand in ‘people versus establishment’ by-election

    Politics
    George Cottrell and Nigel Farage engaging in a conversation at a political event, both dressed in formal attire.
  • Tale of two cities: London leaps ahead in global finance but domestic growth stalls

    Economics
    Getty Images number 2154617464 depicts a relevant scene for the articles unidentified content, suitable for business context.
  • Netflix and Gary Lineker’s Goalhanger extend The Rest Is Football deal until 2028

    Sport Business
    Three people on a red carpet promoting a Netflix event, dressed in formal attire with a Netflix backdrop behind them
CityPM

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About City PM
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 City PM Ltd · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook