Bloomberg reports, citing EU officials on the matter
- Extension offer unlikely to be finalised at the summit
- Extension would be finalised in days before 29 March
- The plan is to allow for May to try and get deal through next week
With no further details being provided by the UK, that’s the best they can do at this point. What it means is that there is near certainty that there will be a Brexit extension next week but the bigger question will be for how long?
If May gets her deal passed on a third meaningful vote, then it’ll be a short extension. If not, it will be a longer extension with the possibility of it being cut short should there be an agreement signed or if Article 50 is revoked.
The news here just helped the pound get a nudge higher with cable rising to 1.3299 while EUR/GBP falls to a low of 0.8538 on the day.