Cameron addresses Parliament on EU deal as Brexit fears grow

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    UK Prime Minister David Cameron addressed UK Parliament defending the EU deal on Monday after Brussels summit. PM said he has scheduled a UK referendum for June 23rd for UK citizens to vote on whether they want to remain in or leave the European Union. He stated the vote will be final.

    Regarding negotiations with the EU, Cameron said he has spent the last nine months working on reforms in four areas and he has permanently protected the pound, and ensured that Britain cannot be discriminated against. The Eurozone will not be able to act as a bloc against British interests, he said.

    Cameron wanted reforms to make the EU more competitive. He added it would take “years and years” if Britain tried to negotiate new trade deals outside the EU.

    Cameron stated Britain will have a special status in the EU following his renegotiation and mocked the idea floated by Boris Johnson that an 'out' vote could lead to a second referendum.

    If Britain votes to leave, Cameron will use the article 50 procedure under the Lisbon treaty to initiate exit. He said leaving the EU would not give Britain more influence.

    Among those campaigning for the exit there are London Mayor Boris Johnson and six of the 23 members of Cameron's Cabinet.

    “Boris Johnson’s decision to bolster the ‘out’ campaign with his support not only serves to undermine the fruits of David Cameron’s labour in Brussels, but clearly damages UK economic confidence, with sterling pounded across the board today,” said Joshua Mahony, market analyst at IG. “With the referendum set to take place in June, when the migrant crisis will be back into full flow, anxiety and fear will certainly push some voters towards a more isolationist stance.”
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