May's letter is out
- Says if any deal is ratified before this date, period should be terminated early
- Says UK will make preparations to hold European elections
The aim set out in the letter is that the UK is going to try and aim to ratify the Brexit deal before 23 May and will prepare for European Parliament elections should that not be the case. Looks like it wasn't a request for a long extension at all, this raises the question if European leaders would be willing to accept these conditions.
The pound is barely moved in all of this with cable hugging the 1.3100 handle still. The real problem with this is that the UK parliament has called off a no-deal before 12 April, which means that now that May is asking for an extension to 30 June, the EU could come back and say that they will only allow an extension to next year. I believe May will then have to go back to parliament to address lawmakers if they are in agreement to that.
