Business mogul Kevin O’Leary wants to invest in a US refinery, says fossil fuels will stick around
April 13, 2023
After winning the race to lead the ruling Conservative Party and become the next British Prime Minister Tuesday, Boris Johnson will be faced with one of the biggest peace-time challenges of any British Prime Minister since World War II – Brexit. According to the Wall Street Journal, the former mayor of London and U.K. foreign secretary repeated in his victory speech his campaign promise to pull the U.K. out of the European Union by the deadline of October 31, yet many believe there are many challenges that may hinder Mr. Johnson’s ability to do so. ~
According to Investopedia, Brexit can be defined as “an abbreviation for “British exit,” referring to the U.K.’s decision in a June 23, 2016 referendum to leave the European Union (EU).” The challenge of Brexit has been the source of resignation from office of Mr. Johnson’s two immediate predecessors- David Cameron, and Theresa May – due to their inability to “ratify a withdrawal agreement with the EU before leaving if it wants to avoid a chaotic “no-deal” exit.” David Cameron, the former Prime Minister that called the referendum and campaigned for Britain to remain in the EU, resigned the day following the Brexit decision in 2016. Cameron’s replacement as head of the Conservative party and Prime Minister Theresa May had her deal with the EU rejected three times by the House of Commons, leading to her announced resignation from office due to severe pressure to do so on June 7, 2019. ~
A hardline Brexit supporter, Johnson reportedly will carry out Brexit by the October 31 deadline regardless if a withdrawal agreement with the EU is met. A British exit from the EU that lacks a deal, known as “Hard Brexit,” would lack a two year transition period in which Britain and the European Union are meant to negotiate a long-term trade agreement. Other options to a Hard Brexit include negotiating with the opposition party to reach a compromise on May’s deal, or propose Brexit alternatives. Along with the challenge of opposition party disapproval of the Brexit move, Mr. Johnson may also face opposition from within his own party ranks, which could greatly affect his ability to reach a Brexit withdrawal agreement. ~
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