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Britain's new parliament votes on Johnson's Brexit deal

Britain's freshly-elected parliament prepared on Friday to move past years of partisan wrangling and initially approve Prime Minister Boris Johnson's divorce deal with the EU.
The all-but-certain outcome in the lower House of Commons will help Johnson on his way towards meeting his winning campaign promise to "get Brexit done" on January 31.
But it will also push London and Brussels closer to another cliff edge at the end of 2020 that might disrupt decades of unfettered trade.
A snap election last week put Johnson's Conservatives in control of parliament and dispelled doubts over whether Britain would become the first nation to leave the European Union.
A final vote on Johnson's separation terms will come when lawmakers return from their Christmas break early next month.
But Britain will enter the holiday season closer to legal and economic independence from Brussels than it has been at any point since the 2016 Brexit referendum on Britain's near half-century EU membership.
Johnson has the freedom and power to shape Britain's future that his predecessor Theresa May never had during her troubled three-year term.
"Today we will deliver on the promise we made to the people and get the Brexit vote wrapped up for Christmas," Johnson said.
"Now MPs will start the process of passing the bill. Then, at the beginning of the new decade, at the beginning of a new dawn for our country, our parliamentarians will return to Westminster to immediately finish the job, take us out of the EU on January 31 and move this country forward.
"After years of delay and rancor in parliament, we will deliver certainty and hard-working businesses and people across this country will have a firm foundation on which to plan for the future."
Britain's nervous financial market rejoiced when Johnson's governing Conservatives secured a comprehensive majority in the 650-member House of Commons.
The healthy margin appeared to remove the possibility of more months of political uncertainty and chaos -- and of Britain crashing out of the bloc without any arrangements for what comes next.
But the pound fell back to its pre-election levels when Johnson introduced a series of small but potentially consequential changes into the official Withdrawal Agreement Bill.
Britain's formal departure on January 31 had been due to be followed by an 11-month transition period during which things would stay pretty much as they are now.
The sides are supposed to use the time to negotiate a comprehensive new agreement covering everything from trade to security and data protection.
EU officials warn that such deals usually take years to hammer out.
But Johnson ruled out the possibility of asking for a deadline extension in the version of the bill before parliament on Friday.
"A Minister of the Crown may not agree... to an extension of the implementation period," the bill now says.
Analysts note that little prevents Johnson from pushing a new law through parliament removing that firm deadline should negotiations veer dangerously off track.
It also puts psychological pressure on European officials to back off some of their stiffer demands on London and seek a limited deal that leaves some big issues unresolved.
"The UK could get a (free trade agreement) done with the EU by end of 2020," May's former Brexit adviser Raoul Ruparel said.
"But it would be a narrow and shallow one."
The EU's chief Brexit negotiator Michel Barnier said on Tuesday that the bloc "will do the maximum" to meet the end-of-2020 deadline.
source: AFP
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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