British Prime Minister Theresa May is speaking at the UK Parliament right now, trying to convince the Parliament members to vote the Brexit deal. This is not the deal that she would have wanted; the Chequers Plan was the deal that she formulated herself, but the EU turned it down in Austria several weeks ago.

So, she has to go ahead with this one even though we are still not clear how the major issues such as the Irish border and Gibraltar will end up eventually. But, this is the only deal she can get from the EU as she said just now herself.

EU’s chief Brexit negotiator Michel Barnier said that a while ago. These are the comments from Barnier earlier this morning:

• Brexit deal negotiations are over
• The deal on the table is the “only deal possible”
• It’s now time for ratification of Brexit deal
• It’s time for everyone to shoulder responsibilities

Theresa May added that if the British Parliament votes this deal down, then the timetable is such that it doesn’t allow for further negotiations as Barnier also mentioned, so Britain will have to head out of the EU without a deal.

According to some analysis, if Britain ends without a deal, then the British economy/GDP will be around 8% worse/lower in the next 15 years. With this deal, the drawback in the GDP will only be around 2-3% for the same period.

So, it doesn’t take a genius to figure out that it is better for everyone to have a deal. But, we will see if it passes the Parliament. If it doesn’t then that would mean that the UK will head out without a deal and the GBP is likely to tumble lower, so keep an eye on the UK Parliament guys.