The UK Parliament will reconvene today after a Christmas and New Year’s recess.
Topping today’s agenda, Prime Minister Boris Johnson will begin early negotiations on a Brexit trade deal with the EU. Johnson had self-imposed an end-of-2020 deadline for concluding an exit deal from the bloc, aided by the 80-seat majority that he won in the December 12 general elections.
With the Irish Democratic Unionist Party losing seats and Labour opposition fragmented, Johnson is likely to get his deal passed in the Parliament. He promised the public a year with ‘no more elections, no more referendums’ in a New Year’s video.
Observers are watching the UK economy, where growth has remained subdued owing to the political uncertainty. Indeed, in a survey of 3000 CFOs, the Bank of England on Thursday reported that 42% do not expect any clarity on trade deals until 2021. Johnson in his video emphasised investment growth now that the country has sole discretion in laws and trade and border matters.
Johnson’s deal will go to the House of Lords on Thursday, and the outcome there will signal to Brexit’s direction for the coming months.
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