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Johnson vows to get Brexit done after sweeping election win

Prime Minister Boris Johnson on Friday hailed a political "earthquake" in Britain after a thumping election victory which clears the way for the country to finally leave the EU next month after years of paralyzing deadlock.
With all but one result declared for the 650-seat parliament, Johnson's Conservative party has secured 364 seats -- its biggest majority since the heyday of Margaret Thatcher in the 1980s.
Condemning more than three years of political wrangling over Brexit, Johnson vowed in his victory speech on Friday to "put an end to all that nonsense" and "get Brexit done on time by January 31, no ifs, no buts".
By contrast, the main opposition Labour party suffered its worst electoral performance since before World War II, forcing leader Jeremy Corbyn to announce plans for his departure.
Sterling jumped overnight to its highest level since mid-2018 on hopes that Johnson will deliver his promise to "Get Brexit Done" after years of uncertainty and deep divisions over Britain's future.
Early Friday it had pulled back a little to trade at $1.3403.
With such a large majority of MPs, Johnson will be able to get the divorce deal he struck with Brussels through parliament in time to meet the January 31 deadline.
Ratifying the deal would formalize the end of almost five decades of EU-UK integration, although both sides still need to thrash out a new trade and security agreement.
EU Council President Charles Michel said the bloc was set for talks but would do its utmost to protect European priorities.
"My point is very clear: we are ready. We have decided what are our priorities," Michel said as he arrived at an EU summit where leaders would discuss the aftermath of the UK vote.
The result of Thursday's election -- the third in almost five years -- signals a personal victory for Johnson, a former London mayor and foreign minister who helped lead the Brexit campaign to victory in the 2016 EU referendum.
US President Donald Trump tweeted his congratulations on a "great WIN!" and said London and Washington would be able to strike a "massive new trade deal" after Brexit.
"This deal has the potential to be far bigger and more lucrative than any deal that could be made with the E.U. Celebrate Boris!" he said.
- Taking the north -
The Conservatives had been ahead in opinion polls for weeks but the scale of their victory, after a wet and windy pre-Christmas election, was unexpected.
The party took a string of traditionally Labour seats that had not voted Tory for decades, but many of which had backed "Leave" in 2016.
"We must understand now what an earthquake we have created," Johnson later told party staff, according to the Press Association news agency.
He earlier declared when he was re-elected as an MP that voters had given him "a powerful new mandate to get Brexit done".
Johnson now has up to five years to govern until he is obliged to call another election.
Labour was heading to its worst result since 1935, losing 59 seats to 203, after what Corbyn admitted had been a "very disappointing night".
He said he would be stepping down after a period of "reflection", and would not be leading the party into the next election, which is due by 2024.
Corbyn had promised a second referendum on Brexit in a bid to appeal to half of the British voters who still want to stay in the EU.
But he had focused Labour's campaign on a radical program of economic change, including re-nationalizing some key industries, which failed to woo traditional voters.
Speaking in the early hours of Friday, Corbyn defended his "manifesto of hope" and maintained his policies were "extremely popular" during the campaign.
But he said: "Brexit has so polarised and divided debate in this country, it has overridden so much of normal political debate."
Corbyn is personally unpopular and dogged by accusations of sympathizing with proscribed terror groups and failing to tackle anti-Semitism within the Labour party.
This is Labour's fourth successive electoral defeat -- and the second under Corbyn.
The anti-Brexit Liberal Democrats also did poorly and announced they would replace Jo Swinson as leader after she lost her seat in western Scotland to the Scottish National Party (SNP).
The Lib Dems were predicted to win 11 seats, down one on the last election in 2017.
Analysts said Swinson's campaign to reverse Brexit without even a new referendum was unpopular, while efforts to create a "Remain" alliance to stop Brexit failed.
By contrast, the Scottish National Party (SNP), which wants to stop Brexit and deliver an independent Scotland, gained 13 seats to reach 48.
Nigel Farage's Brexit Party failed to win any seats, but he claimed to have helped Johnson standing down his candidates in Tory-held seats.
Johnson has promised to put his Brexit plan to parliament before the Christmas break, although it will not likely be ratified until January.
He has then just 11 months to agree on a new partnership with the EU before a post-Brexit transition period ends in December 2020.
But with a comfortable majority in parliament, analysts note he could choose to extend that time and negotiate a closer trade deal than previously envisaged.
"Ironically, this is a freer hand for Johnson to negotiate a softer version of Brexit," said Simon Hix of the London School of Economics.
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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