Macron pours cold water on hopes for Brexit deal
Investors still optimistic, as France’s leader did not rule out breakthrough
French President Emmanuel Macron gave U.K. Prime Minister Boris Johnson little hope that he’s prepared to compromise on Brexit and said any changes to the current deal won’t be very significant.
A day after Johnson held talks with German Chancellor Angela Merkel in Berlin, the British premier discussed with Macron in Paris how to solve the Brexit impasse that threatens to propel the U.K. out of the European Union on Oct. 31 without the protection of a transition period. Merkel suggested it may be possible to find a solution within the next month if Johnson could provide realistic ideas, leading the U.K. premier to praise her “can-do spirit.”
But Macron’s remarks will have tempered some of the optimism.
“Let me be very clear, we will not find a new withdrawal agreement within 30 days that will be very different from the existing one,” Macron said alongside Johnson before their talks. “We have to respect what was negotiated.”
The Brexit deal, which took 19 months for Johnson’s predecessor, Theresa May, and the 27 other EU governments to agree, was rejected three times by the British Parliament. Johnson is demanding that the EU scrap the so-called backstop, the mechanism designed to keep the Irish border free of checks after Brexit that’s a key part of the current agreement.
While Merkel and Macron have been polite and offered encouraging words to Johnson, behind the smiles it’s clear that they’re not prepared to change the fundamentals of the Brexit deal. That suggests that unless Johnson backs down, a no-deal departure still looks like the most likely scenario.
Even so, investors reacted positively to the fact Macron didn’t completely rule out the chances of a breakthrough, pushing the pound to a three-week high.
The French presidency later described the meeting with Johnson as “constructive.” Macron reiterated that Brexit negotiations must respect the stability of Ireland and the integrity of the bloc’s single market, while both sides want talks to continue through the end of September, it said.
“I want a deal and I think we can get a deal and a good deal,” Johnson said before the meeting began.