Following months of volatile negotiations between the U.K. and the European Union, the U.K.’s Parliament is on the cusp of approving a post-Brexit deal.
According to Bloomberg, U.K. Prime Minister Boris Johnson said he would push the Brexit trade agreement through Parliament on Wednesday. Johnson added that he was confident the deal would receive approval given the fact that an influential group within his Conservative Party said they supported the deal.
European Commission President Ursula von der Leyen and European Council President Charles Michel signed the agreement earlier in the day before arriving in London for Johnson’s signature. The EU’s Parliament also approved the deal.
The House of Commons is anticipated to vote on the matter at 2:30 p.m. Later in the evening, the House of Lords will look to push the legislation through before the end of the transition period at 11 p.m. Thursday.
With the strong likelihood that the bill will pass in the U.K., this should be seen as a positive for the global stock market. Given how rocky negotiations had been up until recently, many economists were uncertain whether or not a deal could be struck ahead of its initial deadline.
If that were to have happened, it would have disrupted both the regional and global growth outlook. But now, it would appear the situation is stabilizing.