Former Bank of England (BoE) governor Mervyn King has savaged a European Union withdrawal agreement signed by the British government, saying it is nothing but a “humiliating submission”.
King said under the Brexit deal negotiated by Prime Minister Theresa May, Britain will become a fiefdom of the EU and the continental bloc would have always a veto power on ending the miserable situation.
Elaborating on his vassalage notion, King highlighted the so-called backstop option in the Brexit agreement that could be triggered after two years of transition period in a bid to avoid a hard border between Ireland and Northern Ireland.
Many believe the UK and EU could never reach a mutual consensus for bilateral trade, leaving the EU with no option but to trigger the backstop and continue to extend it each year.
King said the British parliament would force the UK into a humiliating submission if it approved May’s Brexit deal on December 11.