Boris Johnson to promise farmers a 'better deal' after Brexit

Boris Johnson to promise farmers a 'better deal' after Brexit

Many EU diplomats say they believe an election in Britain is highly likely.

During a visit north of the border in Scotland, Boris Johnson said: "My approach is to be very outward going".

"If not for trade policy, we would not be using monetary policy in the way we are using it now", said Art Hogan, chief market strategist at National Securities in NY.

"The European Union has said up to now it's not willing to renegotiate that so we must assume there will be a no-deal Brexit on October" she said.

Helen Roberts of the National Sheep Association accused Johnson of playing "Russian roulette with the agriculture industry".

Welsh Secretary Alun Cairns said the government is committed to creating "opportunities for all communities in Wales".

The prime minister claimed farmers will be boosted through new trade deals and by leaving the EU's common agricultural policy.

The trip follows a visit Monday to Scotland, where Johnson was booed by protesters and warned by First Minister Nicola Sturgeon that his vow to take Britain out of the European Union on October 31, with or without a deal, was "dangerous".

"Sterling is moving due to local political developments - most importantly the idea that Prime Minister Johnson may not want to meet European leaders unless they change their position, which is a more hard line stance than the market would have expected as recently as a week ago", said Shahab Jalinoos, global head of foreign exchange strategy at Credit Suisse in NY.

Johnson, who took office last week, also plans to visit Northern Ireland, the only part of the U.K.to share a land border with the EU.

The backstop is a key piece of the Brexit deal dictating what will happen to the border between Northern Ireland and the Republic of Ireland.

Sterling fell 0.6% to $1.2151 as of 4:40 p.m.in London and weakened 0.6% to 91.74 pence per euro.

Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain's economy into a recession, roil financial markets and weaken London's position as the pre-eminent global financial center. "Boris Johnson's new cabinet did little to alleviate those fears, taking a hard line with Europe on forthcoming negotiations".

Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the European Union on October 31 "no matter what" as sterling tumbled and Ireland warned that the bloc would not be renegotiating the thrice defeated divorce deal. Johnson is insisting the bloc make major changes to May's spurned deal, including scrapping an insurance policy for the Irish border that has been rejected by United Kingdom lawmakers.

"If they really can't do it then clearly we have to get ready for a no deal exit", Johnson said on a trip to Wales, adding: "It's up to the European Union, this is their call".

"It's up to the EU".

DUP MP Sammy Wilson has backed Mr Johnson's "hard-nosed negotiating stance" - a "contrast" from the position held by the EU-appeasing Theresa May government.

It said that so-called alternative arrangements, such as electronic border checks, could replace the backstop in the future but "thus far satisfactory options have yet to be identified and demonstrated".

A United Kingdom government spokesperson said that during the call both leaders had reiterated their commitment to work together in the spirit of the "warm and deep relationship" the two countries share. Downing St. said only that the two leaders "agreed to stay in contact".

Related Articles