Ex-UK PM May slams Johnson's bid to break international law


In this Monday, Feb. 17, 2020 file photo, former British Prime Minister Theresa May speaks at the Global Women’s Forum in Dubai, United Arab Emirates. The British government on Monday Sept. 21, 2020, has won over some domestic political opponents of its plan to breach part of the Brexit divorce deal it agreed with the European Union. But former Prime Minister Theresa May has warned that the bill will do “untold damage” to the U.K. (AP Photo/Kamran Jebreili, File)

LONDON (AP) — The British government on Monday won over some domestic political opponents of its plan to breach part of the Brexit divorce deal it agreed upon with the European Union — but not former Prime Minister Theresa May, who warned that the move would do “untold damage” to the U.K.

Prime Minister Boris Johnson’s Conservative administration has sparked anger from the EU and unease from many British lawmakers with legislation that gives his government the power to override part of the legally binding Brexit withdrawal agreement relating to Northern Ireland.

The government says the Internal Market Bill is an insurance policy to guarantee goods can flow freely to all parts of the U.K. in case Britain and the EU fail to reach a trade agreement and the bloc tries to disrupt trade between Northern Ireland and the rest of the country.

On Monday, the British government agreed to amend the bill to give lawmakers a vote before the override powers can be used. That was enough for some Conservatives who had previously opposed the bill but said they would now vote for it.

But May, who was the country’s Conservative prime minister between 2016 and 2019, said the government was acting “recklessly and irresponsibly, with no thought for the long-term impact on the standing of the United Kingdom in the world.”

May struck a divorce deal with the EU in 2018 after two years of painstaking negotiations. She resigned last year after repeatedly failing to get Parliament to approve it.

“This is a country that upholds the rule of law,” she said. “It is one of the things that makes us great. It is one of our characteristics. … Yet we’re being asked to tear up that principle and throw away that value.”

Referring to one of Johnson’s catchphrases, she said: “So much for Global Britain.”

Johnson’s government hopes to shepherd the bill through Parliament and into law in the coming weeks. The EU says it will take legal action if the U.K. does not drop the lawbreaking provisions by the end of September.

Northern Ireland has special status in the withdrawal agreement because it is the only part of the U.K. that shares a land border with an EU country.

Johnson’s move to break parts of the EU divorce deal relating to Northern Ireland has triggered fears it could undermine the 1998 Good Friday peace accord that ended decades of violence between Irish nationalists and British unionists.

Britain and the EU jointly promised in the Brexit divorce agreement to ensure there are no customs posts or other obstacles on the Northern Ireland-Ireland border. The open border is key to the stability that underpins the peace settlement.

The British government insists it is committed to upholding the EU withdrawal agreement and the peace accord. But many, including May, have warned that the proposed law could destabilize the peace settlement.

___

Follow all developments on Brexit trade talks at https://apnews.com/Brexit.

7 Tech Stocks To Buy On Sale

This too shall pass. Those four words should be taped to the computer screen of every investor. If you own shares of the tech sector, you’ve seen your portfolio take quite a hit. Tech stocks were largely immune from the effects of the pandemic.

However, as investors are looking to rebalance their portfolios, tech stocks were obvious targets for some profit-taking. And at the end of the day, that’s what I believe the latest tech selloff amounts to. Stocks don’t move in one direction all the time. Sure, there may be some saber-rattling about breaking up big tech. But with an election in less than two months, nobody will have the political will to do anything.

That doesn’t mean that it’s all going to be smooth sailing. Sure, the Federal Reserve did its part by promising low-interest rates until the end of time (or at least through 2023 whatever comes first). But the rest of 2020 is likely to be volatile for stocks.

First, there’s still the novel coronavirus hanging around. It’s not going to simply disappear after election day. That will take some combination of a vaccine and/or therapeutic. And all the likely candidates seem to be getting farther away the deeper into clinical trials they get.

And we have an election. But we are not likely to know the winner of the election on election night. In fact, for those who remember the spectacle of “hanging chads”, this election could make that one look like amateur hour.

The bottom line is there will be uncertainty. But there are always gains to be found, particularly now that their stock price has come down a little bit. Here are seven tech stocks that you can look to add or increase a position in now that they’re trading at a discount.

View the “7 Tech Stocks To Buy On Sale”.

Stockmarkets and cryptocurrency quotes, Stockmarkets Insights