For a brief moment, the notion that Theresa May had finally wrested a crucial concession from the EU – namely, that it had agreed to grant the UK “legally binding assurances” that it could unilaterally exit the Irish Backstop in the event of a deal deadlock – seemed too good to be true.
And as it turned out, it was.
After issuing a tensely anticipated legal advice on Tuesday, Attorney General Geoffrey Cox contradicted May and the rest of her cabinet by determining that the interpretive document offered the UK by the EU would grant no legally guaranteed right to exit the backstop.
In other words, Cox has confirmed the objections of May’s eurosceptic critics, who alleged last night after the text of the agreement had been released that nothing had changed.
The news sent the pound tumbling as it practically guarantees that a second vote on May’s deal, expected late Tuesday (though it may yet be cancelled), will fail.
via ZeroHedge News https://ift.tt/2VYLDgZ Tyler Durden