UK PM Johnson makes final Brexit offer, draws cautious welcome from EU

MANCHESTER: British Prime Minister Boris Johnson made a final Brexit offer to the European Union on Wednesday, pitching a possible compromise for a last-minute exit deal that was cautiously welcomed by the EU though the two sides still remain far apart.

In what Johnson’s supporters cast as a moment of truth after more than three years of Brexit crisis, Johnson urged Brussels to compromise but warned that if it did not then Britain would leave the EU without a deal on Oct. 31.

Johnson went further than many expected on the most contentious issue - the border between British-ruled Northern Ireland and EU member Ireland - with a proposal for an all-island regulatory zone to cover all goods.

Besides the concession though, Johnson proposed giving Northern Ireland institutions the ongoing power to abide by or exit the regulatory zone - a possible step too far for Ireland and the EU.

European Commission President Jean-Claude Juncker welcomed “positive advances” in Johnson’s proposals, such as the full regulatory alignment for all goods, but noted some problems.

“There are still some problematic points that will need further work in the coming days, notably with regards to the governance of the backstop,” the Commission said in a statement.

“The EU wants a deal. We remain united and ready to work 24/7 to make this happen – as we have been for over three years now,” it said.

With less than a month left until Britain is due to leave the EU, the future of Brexit, its most significant geopolitical move since World War Two, is uncertain. It could leave with a deal or without one - or not leave at all.

Deutsche Bank said it saw a 50 percent chance of a no-deal Brexit by the end of the year. This would spook financial markets, send shockwaves through the global economy, snarl ports on both sides of the Channel and divide the West.