UK PM to unveil new Brexit plan -- and threat
October 2, 2019, 8:02 am

UK PM to unveil new Brexit plan -- and threat

Britain's Prime Minister Boris Johnson has pitched himself as the champion of Brexit in the face of a pro-European establishment file photo AFP

Prime Minister Boris Johnson will unveil his plan for a new Brexit deal at his Conservative party conference Wednesday, warning the EU it is that or Britain leaves with no agreement this month.

Downing Street said Johnson would give details of a "fair and reasonable compromise" in his closing address to the gathering in Manchester, and would table the plans in Brussels the same day.

It stressed this would be a "final offer", and that if the European Union "does not engage" then Johnson would keep to his threat to leave on October 31 with no deal.

The prime minister would "in no circumstances" ask to delay Brexit at a Brussels summit on October 17 and 18, it said in a statement.

"Let's get Brexit done -- we can, we must and we will," Johnson will tell delegates.

- Border plans -

Johnson has received a rapturous welcome at the first party conference since Conservative members elected him as leader in July with one purpose -- to get Britain out of the EU.

Under the slogan "Get Brexit Done", he and his ministers have repeated over and over that the country will leave the bloc on October 31.

But like his predecessor Theresa May, he has struggled against a hostile parliament and the complexities of untangling four decades of integration with the European Union.

He has pledged to renegotiate the exit terms May agreed with Brussels, which MPs rejected three times.

The Irish border

He is focused on reworking the so-called backstop plan, which aims to keep open the border between British Northern Ireland and EU member Ireland.

May's proposal would have kept Britain in an effective customs union with the EU, which critics argued would force London to abide by the bloc's rules indefinitely.

The Daily Telegraph newspaper reported that Johnson instead wants to keep Northern Ireland in the EU's single market until 2025, but in a customs union with the rest of Britain.

The EU is likely to push back against the plans, and at a conference event late Tuesday, Johnson acknowledged getting a deal would be tough.

"This is not a walk in the park, but we have made huge progress and I hope that in the course of the next few days we are going to get there," he said.

- Do what he promised -

Johnson has used the conference to try to rally his party after a turbulent two months in office -- and ahead of a snap election many believe is increasingly likely.

He lost his majority in parliament after 21 of his own Tory MPs rebelled to back an opposition law preventing a "no deal" Brexit.

The Supreme Court also struck down his decision to suspend parliament.

Johnson has responded with defiance, pitching himself as the champion of Brexit in the face of a pro-European establishment.

The party has also made a string of pre-election pledges on hospital funding, police and infrastructure this week.

Media coverage of the conference has been overshadowed by an allegation -- denied -- that Johnson groped a young journalist 20 years ago.

Many delegates here brushed off the scandal, focusing instead on his Brexit plan.

But if he cannot get a deal, and has to delay Brexit, Johnson risks a major backlash.

"He's got to do what he promised," said Sharon Leigh, 57, party member from Manchester.

"If he doesn't stick by this there will be a lot of people going to be very, very disappointed."

- 'Minimal checks' -

Parliament is still sitting this week, after MPs refused to grant Johnson the usual conference mini-recess.

But the premier is snubbing MPs by holding his speech at the same time he should be taking questions in the House of Commons.

Attention on his final speech will likely be dominated by the reaction to his Brexit plan.

Johnson earlier denied a media report that he was looking at installing customs posts along the Irish border, amid outrage from Dublin.

The issue is hugely controversial, as the removal of border posts was seen as key to bringing peace to Northern Ireland after three decades of deadly violence over British rule.

But Johnson said it was "reality" that there would have to be checks somewhere after Brexit, while adding they could be "absolutely minimal".

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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.