The Bank of England has decided to keep interest rates at 0.75% for another month – which is not really surprising amid the chaos and uncertainty of Brexit.
Rate setters on the Bank’s monetary policy committee voted 9-0 in favour waiting to see what happens rather than tinkering with the rates this month.
The next meeting is not until after the new Brexit deadline of April 12. Another extension until May 22 will come into play if Prime Minister Theresa May can get her withdrawal deal through Parliament by April 12.
Meanwhile, the cancel Brexit petition online has garnered 2.9 million signatures since February 20.
“The UK government will still have a choice between a deal, no deal, a long extension or revoking Article 50,” said European Council President Donald Tusk.
Stretched deadlines
“The 12 April is a key date in terms of the UK deciding whether to hold European Parliament elections.
“If it has not decided to do so by then, the option of long extension will automatically become impossible.”
The leaders of the EU27 will vote late to approve the new deadline.
The decision will confirm that the UK will leave the EU on April 12 if Parliament has not approved a Brexit deal or come up with an acceptable plan for an alternative, which would involve participation in the European Parliament elections.
May’s frustration
“Two years on, MPs have been unable to agree on a way to implement the UK’s withdrawal,” said May.
“As a result, we will now not leave on time with a deal on March 29. This delay is a matter of great personal regret for me.
“And of this I am absolutely sure: you the public have had enough. You are tired of the infighting. You are tired of the political games and the arcane procedural rows. Tired of MPs talking about nothing else but Brexit when you have real concerns about our children’s schools, our National Health Service, and knife crime.
“You want this stage of the Brexit process to be over and done with. I agree. I am on your side. It is now time for MPs to decide.”
