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Brexit Deadline to be Extended Again, but Uncertain if it Will be a Long or a Short Extension

All rumours and comments point to yet another Brexit deadline extension before the UK departs for good. Brexiteers wanted to get out as soon as possible but this thing is too complicated to go smoothly. Theresa May has been working intensively to get the Brexit deal past the British Parliament but she has lost twice the meaningful vote and now she will go for a third round.

The third vote was supposed to be held this week but it will be held next week, that’s what we are hearing. The German Chancellor Angela Merkel commented a while ago that she will fight for an orderly Brexit to the last minute. She added that the EU will try to react to any wishes that UK presents and she wants to ensure that good ties are maintained after Brexit.

EU leaders also said to plan contingent offer on Brexit extension. The extension offer is unlikely to be finalized at the EU summit which will take place on Thursday, so it will be finalized in days before 29 March. The plan is to allow Theresa May to try and get the Brexit deal through next week.

That’s all the EU can offer right now since the UK is sort of stuck at the moment and we don’t know what they want to do. So, a Brexit extension is almost 100% certain but whether it will be a long or a short one it depends on the Brexit vote next week.

If the deal passes, then it will likely be a short extension, if not, it will be longer until the UK clears its mind and then might be cut short if the deal passes in the coming months. That would mean more uncertainty for the GBP and UK business in general.

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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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