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Brexit in limbo as UK PM pushes for election

British Prime Minister Boris Johnson on Friday told opposition leader Jeremy Corbyn to "man up" and accept a snap election as EU members delayed a decision on how long to postpone next week's Brexit deadline.
Senior diplomats told AFP they would decide by late Monday or early Tuesday next week, shortly before Britain is currently scheduled to break away from the bloc on Thursday.
At home, Johnson wants to call an election for December 12 that he hopes will give him a majority to pass the divorce deal he struck with EU leaders last week.
But his government is struggling to secure the two-thirds majority it needs in a parliamentary vote, scheduled for Monday, to force the election.
The stand-off extends the uncertainty that has dragged on ever since the 2016 referendum in which Britain voted by 52 percent in favour of leaving the European Union.
Corbyn has said his Labour Party will withhold support until a no-deal Brexit is definitively taken off the table, which would require a major reworking of the deal Johnson struck with the EU.
"Time for Corbyn (to) man up. Let's have an election on December 12," Johnson told television stations.
"What I'm saying to Jeremy Corbyn and the Labour Party is that they have the opportunity now to get this thing done."
Senior European diplomats who attended a meeting on Friday in Brussels confirmed member states had agreed in principle that some kind of delay was in order.
They agreed that their capitals could decide on its length by written procedure, rather than by holding a leaders' crisis summit in Brussels next week.
But, with France pushing for a shorter delay to keep the pressure on Westminster, and Germany and Ireland backing a three-month pause until January 31, the decision is not done.
"Depending on how things evolve in the UK, we've given ourselves until the start of next week," a senior diplomat said.
"It's clear that if a decision is taken in the UK on whether or not to hold an election -- the date of the election will weigh on the consultations," he said.
In Paris late Friday, the presidency insisted France's position remained unchanged -- "that there has to be a good reason to extend the deadline, that it could not be automatic and that discussions were continuing."
The uncertainty weighed on the British pound, which dropped against the dollar and euro on Friday.
In the meantime, Johnson has put on pause his efforts to ratify the withdrawal agreement -- after MPs rejected a bid to speed it through in just three days -- leaving Brexit in limbo.
Johnson's Conservative cabinet colleagues, however, backed him on his demands to press on with plans for a vote regardless.
"We cannot keep on having delay after delay after delay," finance minister Sajid Javid told Sky News.
When the EU ambassadors last met on Wednesday, Germany and Ireland backed postponing Britain's departure until January 31, France sought a shorter delay and others were on the fence.
Johnson's government, meanwhile, has scrapped plans to present its new budget next month, with Javid arguing that it had been planned with the October 31 departure date in mind.
His finance ministry accepted the government was set to fail in its plan to leave by the deadline, announcing it had also "paused" production of the new Brexit 50 pence coins bearing the October 31 date.
"We have paused production of the Brexit coin and will take a final decision in due course," a ministry source told the Daily Telegraph.
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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