FRANKFURT, March 8 -- Mario Draghi revealed the biggest cut in the European Central Bank’s economic outlook since the advent of its quantitative-easing programme as policy makers delivered a new round of stimulus to shore up growth. The ECB president said the euro-zone economy will now expand only 1.1% this year, a drop of 0.6 percentage point from the forecast given out just three months ago. A package of assistance from new loans for banks to a longer pledge on record-low rates is intended to expand the institution’s existing stimulus, he said. “The persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets appears to be leaving marks on economic sentiment,” Draghi told journalists in Frankfurt on Thursday. “The risks surrounding the euro area growth outlook are still tilted to the downside.” The ECB is reverting to stimulus just three months after policy makers decided to end their bond-buying programme and hoped to start weaning the euro-area economy off its crisis-era stimulus. Their luck ran out after the export-dependent European economy buckled under the weight of trade tensions, a slowdown in China and the uncertainties around Brexit. While many anticipated the ECB would act, an announcement wasn’t expected as early as Thursday. That signals the level of concern among Governing Council members, something that’s been echoed across other institutions and central banks in recent days. The OECD slashed its forecasts for European and global growth, the Bank of Canada said there’s “increased uncertainty” about the timing of its future rate increases, and New York Federal Reserve President John Williams said the US central bank can be patient about deciding its next move.
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FRANKFURT, March 7 -- The European Central Bank is to offer more cheap loans to banks from September in a bid to boost lending in a slowing economy. The euro area's central bank kept its core interest rates unchanged following the March meeting of its Governing Council - held against a backdrop of continuing pressure from global economic headwinds and Brexit uncertainty. Following the conclusion of its quantitative easing programme last year, the bank was widely expected to announce more help to support businesses and consumers. This is the third time since the eurozone crisis that the bank has launched so-called 'Targeted longer-term refinancing operations' (Tltro) - essentially cheap loans. It is the provision of long-term loans to banks, with the incentive that those who lend more to the real economy will be able to borrow more and at a lower interest rate than the ECB usually offers. The Bank also confirmed it was pushing back guidance on the earliest possible date for any interest rate increase until the end of this year having previously eyed the autumn. Its core interest rate remains at zero at at minus 0.4% for banks to park their money with the ECB - encouraging them to lend the money rather that store it. The Bank's president, Mario Draghi, was expected to give more details at a news conference shortly. Economists widely believe he will downgrade economic growth forecasts. The ECB's action follows a more cautious approach by its US counterpart, the Federal Reserve, which has paused its series of interest rate hikes amid the fallout from the country's trade war with China. The effects have damped demand elsewhere in the global economy - damaging Germany's export-led economy especially while Italy has fallen into recession. Financial markets were quick to react to the ECB's measures - with eurozone banking stocks leaping as the euro weakened. OXFORD, March 6 -- BMW has warned production of the Mini at Oxford could be at risk in the event of a no-deal Brexit. BMW employs around 850 people at its Swindon plant in Stratton, making doors, bonnets and tailgates for the Mini models. The Swindon factory supplies the main plant at Cowley, Oxford. The Stratton and Oxford plants were already expected to close for all of April, after BMW brought forward a planned shut-down. Peter Schwarzenbauer, the board member responsible for Mini and Rolls Royce production, told Sky News the German car giant would need to consider moving production away from the UK, as the firm may not absorb extra costs they would face. "This would really be a huge burden to the Mini brand," he said of a no-deal Brexit. "If this would come - the worst case scenario... we would need to consider what it exactly means for us on the long run. "For Mini this is really a danger. No doubt about that. "For us... if there is a two-to-three month delay we would not be very happy because we need certainty in our planning processes." BMW clarifies director's statement A BMW Group spokesman said: “As a major employer, exporter and investor, the BMW Group remains committed to the UK. With four plants producing vehicles, components and pressed parts for all three of our automotive brands, the UK also plays an important role in the BMW Group’s production network. "Until we have clarity on the UK / EU trading relationship from April onwards, as a responsible employer we must continue to plan for the worst-case scenario, which is what a no-deal Brexit would represent. "Our production system is designed to be highly flexible, so that we can respond quickly to changing market demand. This is especially important in a volatile, fast-changing environment. "We are currently going to great lengths to prepare our production network for the impact of Brexit. The aim is to ensure, as far as possible, that the locations concerned can continue production after Brexit without unnecessary disruption. This process requires considerable effort on our part.” DUBLIN, February 26 -- Sinn Féin MP Chris Hazzard has said the British Parliament is locked in a delusional bubble where it can’t decide if it even wants a Brexit deal or not. The South Down MP said: “What was proposed by Theresa May today at Westminster is indicative of the chaos in the British Parliament. “After two years and less than a month away from a potential cliff-edge crash-out the British Parliament still can’t make up its mind whether it even wants a deal or not. “The British Parliament and British political system is in total disarrray and is locked in a delusional bubble. “None of what is happening in Westminster is in the Interests of Ireland. “What we need to see is the EU and the Irish government standing firm and protecting the Irish backstop.” "Regional bourses gain as trade war thaws" BANGKOK, February 26 -- Most stock exchanges across Asia rallied yesterday, with the Stock Exchange of Thailand (SET) index gaining 0.76%, buoyed by the US's announcement to delay punitive tariffs on Chinese exports. Most stock exchanges across Asia rallied yesterday, with the Stock Exchange of Thailand (SET) index gaining 0.76%, buoyed by the US's announcement to delay punitive tariffs on Chinese exports. The US is delaying a planned increase of tariffs on more than US$200 billion in Chinese exports after both sides hailed "substantial progress" made in trade talks, reported AFP. US President Donald Trump said he planned to hold a summit with China's president at his Florida estate to ink a deal. Such positive bilateral trade negotiations led to investors' upbeat sentiment, with China's Shanghai SE Composite index rising the most by 5.6%. On the domestic front, the SET index closed at 1,671.75 points, up 12.55 points, in turnover worth 56.7 billion baht. Institutional investors and brokerage firms were net buyers of shares worth 3.1 billion and 236 million baht, respectively. "I expect the situation surrounding the Sino-US trade war will be better from this point forward," said SCB Securities senior vice-president Pornthep Jubandhu. Foreign capital should return to emerging markets including Thailand, said Mr Pornthep. Thailand's upcoming general election also provides support in boosting private consumption, he said. "Even though sentiment between the US and China is improving, Thai exports will not recover suddenly. Trade will take around six months to see a tangible impact, with the services sector being affected the most right now," said Mr Pornthep. Market participants are closely observing two factors: the US's planned tariffs on imported automobiles and the US's trade deficit with China, he said. An analyst from DBS Vickers Securities Thailand, speaking on condition of anonymity, said the SET's positive momentum came from the fruitful trade negotiations and the US Federal Reserve pausing its interest rate normalisation, stopping the reduction of its balance sheet until the end of this year. But negotiations on Brexit, domestic political uncertainty and fourth-quarter earnings of SET-listed firms are still keeping a lid on investor confidence, said the analyst. Fourth-quarter performance and dividend payments are the factors to watch. The others are said to be a meaningful vote on the Brexit deal, as planned, or a "conditional vote" on legal advice by the Attorney General. Remain-backing junior minister Tobias Ellwood today said he is "encouraging" a delay if there's no deal.
"If we cannot get this deal across the line, we are facing the prospect of having to extend," he told the BBC. He refused to rule out Theresa May announcing a delay herself in the House of Commons this week. "That I don't know - I'm encouraging that to happen", he said. "The Prime Minister is listening and is recognising the fact that we have tried very, very hard in order to secure a deal." Mr Ellwood said the damage of no deal now "overshadows" any leverage it had in negotiations with the EU, and slammed the Tory ERG of Brexiteers for keeping it on the table. "There's been a bloc voice in our party that has hindered the prime minister getting this across the line," he added. Tory ministers are in open warfare over whether to delay Brexit. Over the weekend Cabinet ministers Amber Rudd, David Gauke and Greg Clark publicly demanded a delay if there is no agreement. That prompted fury from Cabinet Brexiteers, while grassroots Tories backed a motion saying a delay would "betray" voters and "damage democracy" at the National Conservative Convention. If Mrs May does announce a delay, she could claim it is needed to head off a rebellion by MPs this week. EDINBURGH, February 15 -- AEGON UK boss Adrian Grace has said the uncertainty about Brexit has not made the pensions and investments group less likely to invest in the country, where it has good growth prospects. Speaking after the business he leads posted a 10 per cent increase in annual underlying earnings, to €128 million (£113m), from €116m, Mr Grace said the Dutch group that owns it remains very committed to the UK. With around 1,200 employees in Edinburgh, Aegon is a major financial services sector player in Scotland. A further 800 employees are transferring to Atos in Edinburgh under an out-sourcing deal agreed in November. Expressing confidence that directors in Holland would support expansion moves in the UK, Mr Grace said: “I’ve never been told they would not make more money available in the UK, quite the reverse. They are encouraging me to build and diversify.” He said Aegon may consider returning to the acquisition trail in the second half of the current year as it moves to draw a line under the problems that followed the bumper takeover of Cofunds in 2016. The £140m deal helped make Aegon UK a major player in the platform market to provide web-based facilities which people can use to help manage their savings for retirement. The company was left facing expensive complications after migrating 400,000 Cofunds retail customers on to its systems over the May Bank Holiday weekend. In August Mr Grace said Aegon UK had been required to put more than 200 people on to clearing backlogs and dealing with service issues. Aegon UK incurred around £30m integration costs in the second half, including undisclosed amounts of compensation paid to customers of Cofunds and advisers. However, annual cost savings following the integration of Cofunds are expected to reach £60m. Mr Grace said yesterday: “Between July and December significant strides were made and resource mobilised to address service issues. By the end of the year core operational services had returned to target levels.” He said the fact the UK business pays regular dividends to the Dutch parent showed its investment in the country was paying off. The deal agreed with Atos was the final piece in the jigsaw in terms of developing a business model fit for the twenty first century. Atos will take over administration of traditional-style policies in the UK for Aegon, which bought Scottish Equitable in 1994. Mr Grace noted the jobs of the 800 employees affected have been guaranteed for a year under the deal. The arrangement leaves Aegon UK, which also employs around 1,000 in England, to focus resources on growing in the platform market. Mr Grace said Aegon’s enthusiasm for the UK has increased in recent years, noting: “Nine or ten years ago I think there were questions about Aegon’s commitment to the UK.” Mr Grace said Aegon had had a small market share and a very capital-intensive business model with no real strategic outlook on where it was going. Today it has a 25% market share of the platform market and a clear strategy. Demand for platform services is growing as people take more responsibility for saving for retirement. Mr Grace said Aegon UK’s focus in the first half will be on completing the integration of Cofunds and a business acquired from BlackRock in 2016. In Aegon group’s results announcement chief executive Alex Wynaendts said he was pleased service levels in the UK platform business had returned to target levels. The group said lower Retirement Plans earnings in the US had more than offset business growth and higher margins in Europe, and cost savings. Annual earnings fell 3% to €2.07bn. Mr Grace succeeded Otto Thoresen as chief executive of Aegon UK in 2011 as the company completed an overhaul that led to the loss of around 600 jobs in Edinburgh. He joined Aegon UK as business development director in 2009 after holding senior banking and insurance roles at HBOS and Barclays. PARIS, February 7 -- French President Emmanuel Macron has canceled a trip to the Munich Security Conference, which begins next week. The Elysée Palace said he will instead focus on domestic issues in France and that his next trip abroad will not be until a visit to Africa in mid-March, according to French newspaper Le Figaro. Macron will therefore not partake in a planned joint appearance with German Chancellor Angela Merkel at the conference, which brings together hundreds of politicians, academics and other leading figures, according to the Süddeutsche Zeitung. The decision comes at a time when Macron is facing increased pressure at home from the so-called Yellow Jackets movement. The protests have forced him to make numerous concessions, including increasing the minimum wage and tax cuts. Members of the movement are also vying to make a mark in May's European Parliament election. LISBON, February 6 -- A case: For the more than 120 workers at the Pedrosa & Rodrigues garment factory in northwestern Portugal, events in another country 2,000 kilometers (1,200 miles) to the north could jeopardize their livelihood. Sales to Britain make up about half of this family business's annual revenue of about 14 million euros ($16 million). But the U.K.'s impending departure from the European Union could make "Made in Portugal" labels less attractive once borders go back up between Britain and the 27 other countries in the bloc. "The worst-case scenario is losing 7 million euros" a year, says Ana Pedrosa Rodrigues, the company's client relations manager. "It would be extremely worrying." Companies like Pedrosa & Rodrigues fear they could be part of the collateral damage from Britain's withdrawal from the EU's single market, which guarantees no tariffs on trade and free movement for goods, workers and money. As Brexit-inspired economic adjustments ripple across the bloc, small countries like Portugal could feel a lot of economic pain, although the extent of the disruption remains unclear because the terms of Britain's divorce deal with the EU remain unresolved. Some economic forecasts have produced scary numbers. The Portuguese government says Brexit could wipe out up to 26 percent of Portuguese exports of goods and services and shave 1 percentage point off the country's GDP. The Organization for Economic Co-operation and Development, a policy adviser to developed economies, estimates that if Britain leaves without an agreement on new trade terms with the EU, it could reduce the EU's GDP by around 1 percentage point by 2020. That's more than half a year's economic growth at current rates. It could be three times worse for Britain, the OECD says. The OECD notes that some countries, sectors and businesses across the EU will feel more pain than others. A report last year by the European Committee of the Regions, an EU advisory body, identified Ireland as the likely major casualty of Brexit due to its geographic proximity to Britain, which historically has tied them together commercially. Some German regions, such as Stuttgart, that rely on auto industry exports to Britain could also feel the economic shockwaves, it said. Chemical and plastics companies in Belgium and the Netherlands are at risk, too. In Portugal, which has had close ties with Britain since the Treaty of Windsor in 1386, the textiles sector based in the northwest is one of the country's most exposed industries. It is largely located in what is one of the poorest regions of Portugal and western Europe. The textile companies already have felt a chill, with sales to Britain dropping by more than 3 percent since the 2016 Brexit referendum, according to Paulo Vaz, director-general of the Portuguese Textile and Clothing Association, which represents about 500 companies in the sector. He puts that down to the weak pound, which makes purchases from countries like Portugal that use the euro more expensive, and cautious spending by British consumers at a time when their financial future is uncertain. He says these are tense times for Portuguese companies, especially with the U.K. playing such a central role in the local textile industry. "We're talking about a market that is our fourth-largest, that's worth around 450 million euros ($516 million) a year to us and that was growing, and that now can be severely harmed by all this," Vaz said, referring to Brexit. For some businesses, the British market is their lifeblood The two-story Pedrosa & Rodrigues factory sits amid green fields on the fringes of a small town in Portugal's industrial heartland, where textile companies are an economic mainstay and provide about 130,000 jobs. Inside, there is a hum of sewing machines, a hissing of irons and a rumble of high-tech cloth-cutting machines. Ana Pedrosa Rodrigues remembers sitting as a child on the running boards of these machines after her parents started the company with five employees in a garage in 1982. Ana and her two older brothers recently joined their parents at the company. The other employees include husbands and wives, fathers and sons, brothers and sisters. Generations of workers are common in the industry. Almost all of the workers live in town, many of them within walking distance, and have served on average of 19 years. Pedrosa & Rodrigues has prospered in part by selling "affordable luxury" brands to some of Britain's well-known fashion labels. The company makes ME+EM T-shirts that can be found at Selfridge's in London and produces some of the All England Club's range of Wimbledon tennis wear. In an ironic twist, it also delivers to British brand L.K. Bennett — a label occasionally worn by British Prime Minister Theresa May. Every Friday, workers stack dozens of brown cardboard boxes at the factory's loading bay and place them on trucks for the 2-3 day trip to warehouses in central Britain. At the moment, the trucks drive straight across the EU's open borders. If they are shut, the paperwork, delays and tariffs could add 12 percent to the cost price. A loss of British business would translate, inevitably, into job losses— and not just at this company, Ana Pedrosa Rodrigues says. "We are at the front end of a supply chain, and the losses would have a knock-on effect for our suppliers," she said. That includes the fabric producers, dying companies, printers and embroiderers. Most of them are their neighbors. "Nobody would escape the impact." Sofia Cardoso, a 43-year-old employee of Pedrosa & Rodrigues whose husband also works for a textile company, refuses to be gloomy, saying the sector has built up a lot of resilience over its long history. "We've been through crises before and we've survived," she said. "I think we'll get through this one too." LONDON, February 4 -- Sunday morning Gianluca de Ficchy, Nissan’s senior vice president and chairman of the management committee for Europe, wrote to the Sunderland factory confirming the plant will not be making the X-Trail as previously planned. The Japanese car maker confirmed the X-Trail will continue to be made in Japan. In this shock announcement that Brexit “uncertainty” is not helping the company to “plan for the future,” despite the company having “assurances” from the government in 2016. Ficchy said, “At that time they were both planned as ‘traditional’ models, powered by internal combustion engines. X-Trail was already going to be made in Kyushu, but there was a good business case for bringing production to Europe as well. “Since that time, as you know, the environment for the car industry in Europe has changed dramatically. To meet the changing emissions regulations we’ve had to invest much more in new powertrains for our future models like X-Trail. At the same time, the volume forecasts for X-Trail in Europe have reduced. “For those reasons the company has decided to optimise our investments and concentrate production in Kyushu, instead of adding another production site. For the European business, this does not change the fact that X-Trail is – and will continue to be – a crucial model for us. “Today’s announcement will be interpreted by a lot of people as a decision related to Brexit. We have taken this decision for the business reasons I’ve explained, but clearly the uncertainty around the UK’s future relationship with the EU is not helping companies like ours to plan for the future. “With the UK’s departure from the EU on March 29 getting closer every week, we have a taskforce in place, reporting to me, that is considering all of the possible scenarios and the potential impact on the business. “As a responsible business with 16,000 employees in the region, I want you to know that we are preparing across all functions, and with our supply chain, for anything that might impact our current business model. When the time comes to initiate any of those plans, we will be ready, and we will communicate with full transparency to all of you.” The UK car manufacturer has been making cars at the Sunderland plant since 1986 and employs 6,700 workers. LONDON, February 1 -- The EU and its Member States have begun implementing preparations for a no-deal Brexit as the likelihood of the UK reaching a deal in time decreases. This week MEPs urged the UK either to reach a prompt decision on a Brexit deal or reconsider its decision to leave. In the wake of the House of Commons passing the Brady amendment, which would see the Northern Irish backstop established in the current withdrawal agreement dispensed with in favour of “alternative arrangements”, the European Parliament was unequivocal in reiterating that the backstop – like the rest of the agreement – would not be renegotiated. The EU’s chief negotiator Michel Barnier told the Parliament: “Less than 60 days from the UK’s withdrawal date and in the absence today of a positive majority in favour of an identified solution that is acceptable to the European Union, it is urgent for us to prepare for all scenarios and to put in place contingency measures – the preparation of which President Juncker has entrusted to the Secretary-General of the Commission and all the teams which work with you – and which are now more important than ever.” Trans-European Transport Network The European presidency is set to begin negotiations with the European Parliament on measures to secure maritime connections between Ireland and other EU Member States in the event of a no-deal Brexit. The proposal would see the Connecting Europe Facility adapted to ensure Member States’ ports can still like to Ireland; and to provide financial support for border security. Energy efficiency Representatives of Member States have endorsed an update to the EU’s energy consumption targets which will reflect the loss of the UK. The adjusted figures will allow the EU to accurately gauge its progress towards energy efficiency and wider climate targets. PEACE programme The EU-sponsored PEACE programme, which supports efforts towards peace and reconciliation between Ireland and Northern Ireland, has been approved to continue after a possible no-deal Brexit. Funding for the PEACE programme and its sister scheme the INTERREG VA programme – which boosts economic and social cooperation between Ireland, Northern Ireland and western Scotland – will continue unchanged until 2020. Erasmus+ The European Commission has adopted a range of contingency plans to protect the rights and status of students participating in the Erasmus+ exchange programme after Brexit. Funding programmes operating under the scheme will be able to continue unchanged; while UK students studying in the EU and EU students in the UK on the date the UK leaves the EU will be able to finish their studies without disruption. Reciprocal visas The EU’s Civil Liberties Committee has agreed to allow visa-free access to EU Member States for UK nationals as long as the UK agrees to extend EU nationals visiting the UK the same courtesy. Claude Moraes, rapporteur for the proposal, said: “With the Brexit clock ticking, it is important to press ahead with this measure exempting British citizens from a visa requirement when travelling to the EU. This will go some way to clarifying EU visa policy after Brexit, while we work for other key assurances for British and EU citizens at the same time.” UK Prime Minister Theresa May continues to prepare for Brexit by attempting to renegotiate the withdrawal agreement, which she told the UK Parliament was the only deal available and which EU representatives have made it clear they have no intention of amending further. LONDON, January 31 -- Brexit hasn’t even happened yet, but it’s already causing massive damage to the U.K. auto industry. Now industry leaders are warning of “permanent devastation” if the country crashes out of the EU without a deal. The U.K.’s car industry trade association released a scary set of statistics on Thursday, showing a near-halving of fresh investment during 2018, to $772.6 million. It also noted a fall in production of 9.1% to 1.52 million units—the lowest output in five years—though this was also partly down to regulatory uncertainties and economic slowdowns at home, in China and the EU. The investment drop is no surprise. We are now just under two months away from Brexit and the U.K. is yet to agree on a deal with the EU. Due to intransigence on both sides, the odds of a no-deal Brexit are steadily rising, opening up the possibility that trade and supply chains between the U.K. and EU will face massive disruption after March 29th. This would devastate the British car industry, the Society of Motor Manufacturers and Traders (SMMT) warned, as it begged the government to avoid a no-deal scenario. According to the body, no-deal would put two-thirds of the U.K.’s global auto trade at risk. This is partly because the country gets preferential trade terms with countries like Canada and Turkey because it’s part of the EU club. “Time has almost run out to guarantee continuity of any of these arrangements before Brexit,” the SMMT warned. “With fewer than 60 days before we leave the EU and the risk of crashing out without a deal looking increasingly real, U.K. Automotive is on red alert,” said SMMT chief executive Mike Hawes. “Brexit uncertainty has already done enormous damage to output, investment and jobs. Yet this is nothing compared with the permanent devastation caused by severing our frictionless trade links overnight, not just with the EU but with the many other global markets with which we currently trade freely.” The SMMT attributed the production drop to “declining consumer and business confidence,” as well as uncertainty about what the future will hold for diesel policy and taxation. The U.K. exports just over 80% of the cars it produces—with more than half of those going to the EU—and output for overseas markets fell by 7.3% in 2018. Domestic output fell by 16.3%. “Given the global headwinds, the challenges to the sector are immense,” said Hawes. “Brexit is the clear and present danger and, with thousands of jobs on the line, we urge all parties to do whatever it takes to save us from ‘no-deal’.” Jaguar Land Rover, the U.K.’s biggest car manufacturer, said last week that it would be halting production for a week in April, shortly after the Brexit date, as it anticipates disruption that will affect its car and engine plants. LONDON, January 21 -- UK prime minister Theresa May on Monday rejected calls to delay Britain's departure from the European Union. She said her Plan B was to get her rejected Brexit deal approved by Parliament after securing changes to a contentious Irish border measure. Outlining what she plans to do after her EU divorce deal was rejected by Parliament last week, May said that she had heeded lawmakers' concerns over an insurance policy known as the "backstop" that is intended to guarantee there are no customs checks along the border between EU member Ireland and the UK's Northern Ireland after Brexit. May said she would be "talking further this week to colleagues ... to consider how we might meet our obligations to the people of Northern Ireland and Ireland in a way that can command the greatest possible support in the House. LONDON, January 17 -- British Prime Minister Theresa May faces deadlock Thursday over a new Brexit plan, after narrowly surviving a no-confidence vote sparked by the crushing defeat of her EU withdrawal deal. With the clock ticking, May has appealed to opposition leaders to meet for cross-party talks before she presents an alternative proposal to parliament on Monday. But her opponents have set out a list of demands for cooperating -- including ruling out the possibility that Britain would leave the EU in March without any deal at all. The embattled leader conceded the divorce terms she struck with the EU had been roundly rejected, after MPs delivered the heaviest government defeat in parliament in modern British political history on Tuesday - 432 votes to 202. "Now MPs have made clear what they don't want, we must all work constructively together to set out what parliament does want," May said in a televised address to the nation on Wednesday evening, after winning a no-confidence vote triggered by the opposition Labour party. She set out a schedule of cross-party talks that began immediately with meetings with the Scottish nationalist, Welsh nationalist and the pro-EU Liberal Democrat leaders. "We must find solutions that are negotiable and command sufficient support in this House," she had told parliament earlier. But opposition Labour leader Jeremy Corbyn said he would only meet May if she could "remove clearly, once and for all the prospect of the catastrophe of a no-deal Brexit". May said she was "disappointed" by Corbyn's decision and stressed that "our door remains open". On Wednesday evening her spokesman said the possibility of a "no deal" was still on the table. Ian Blackford of the Scottish National Party (SNP) said his party would only participate if she were prepared to consider delaying Brexit, ruling out a "no deal" and the option of holding a second referendum. May has flatly rejected a second vote.
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