Theresa May's Chequers dream is slowly dying, suffocated by its Brexit critics

Pound to euro exchange rate Brexit news

With less than nine months until Britain is due to leave the EU, May has been wrestling with how to enact Brexit without jeopardizing business with the world's biggest trading bloc of 27 countries whilst forging new global deals.

For the City of London the plan would propose "a looser partnership" with the European Union rather than original proposals for "mutual recognition" of British and European Union rules after Britain leaves the bloc in March, the Financial Times reported.

The proposals have also triggered the resignations of Dominic Raab's predecessor as Brexit secretary, David Davis, and ex-foreign secretary Boris Johnson, from the cabinet.

"It's a credible proposal".

In a foreword to the White Paper, the prime minister says the agreement will "require pragmatism and compromise" from both sides.

Ben Bradley and Maria Caulfield warn that May's plans for close links with Europe after Brexit risk handing Jeremy Corbyn the keys to 10 Downing Street.

But prominent Brexiteer Jacob Rees-Mogg described it as a "breakdown in trust" and said Mrs May must now U-turn or be forced to rely on Labour votes to get her legislation through Parliament.

'The Chequers deal is a plan that has been put together, it's been agreed by government, ' she said as she arrived in Brussels for the North Atlantic Treaty Organisation summit. Officials said that the new FCA would be implemented after the transition period in January 2021, although it is estimated only 4% of goods would be subject to a different European Union tariff, so requiring a refund.

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The two leaders will hold talks the following day at Chequers, the 16th-century manor house which is the prime minister's official country residence.

German Chancellor Angela Merkel, speaking at the Western Balkans summit in London on Tuesday, said it was a "good thing" that there was a British proposal on the table.

"This is the right approach - for both the United Kingdom and for the EU".

The Financial Times has reported that one contingency plan being examined in case of a no-deal Brexit is using barges to help keep the lights on in Northern Ireland in case there is disruption to electricity imports from the Republic of Ireland. And if they refuse to vote through either, they face - against all justice - getting saddled with the blame for a no-deal Brexit.

Effectively staying in the single market for goods, but not services, is unlikely to be an attractive proposition for the EU.

"Brexit should be about opportunity and hope", Johnson said in a scathing resignation letter that was echoed in headlines in a number of Britain's national newspapers.

But Johnson, a leading Brexit campaigner, said following European Union rules without being able to alter them risked consigning Britain to the "status of colony", and said it looked like a "semi-Brexit".

Prime Minister Theresa May's government is trying to present plans that satisfy Britons who voted for their country to leave the bloc and set an independent course, but without hobbling businesses, security agencies and other sectors that are closely entwined with the EU.

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