The UK asked the EU for another Brexit extension after Boris Johnson failed to get his Brexit deal through the British Parliament last week. The EU was sort of hesitant, but we all knew they were going to grant another extension, and they did just now.

This will be a “flextension” option with the decision to be formalized without another summit to be called. The tweet below is from EU’s Donald Tusk:

“The EU27 has agreed that it will accept the UK’s request for a #Brexit flextension until 31 January 2020. The decision is expected to be formalized through a written procedure.”

Now the most probable option is general elections in Britain. The UK opposition has been calling for general elections since the Brexit vote and they made some progress in the elections held 2 years ago, but now that Johnson has a Brexit deal to waive, the odds lean on the Conservatives’ side. Anyway, let’s see how it goes from here on. The GBP has already climbed 30 pips on the news.