CCTV Transcripts

CCTV Script 23/10/19

— This is the script of CNBC's news report for China's CCTV on October 23, 2019, Wednesday.

Based on current scenario, the U.K. is almost certainly not going to leave the U.K. on October 31 and the EU will provide an extension to prevent a no-deal Brexit occurring. EU and some EU states are very sick of current situation and they even don't want to have another costly and time-consuming summit to discuss the extension issue but do it in written form. France also questions the extension plan a lot, its Secretary of State for EU Affairs asked in a statement: why? And what is it for? Which are probably Boris Johnson's questions as well.

Johnson said before the vote that if the MPs ban the Brexit and delay it till January or even more late, then he would withdraw the Brexit bill and call for a general election, a report in the FT suggested that Johnson may be open to a 10-day extension to allow MPs a longer amount of time to further review the bill. Prior to the vote, many UK lawmakers had expressed frustration that three days was not enough time to understand the bill which runs to more than 100 pages. Then, the direction of the Brexit issue will depend on the EU's decision on the one hand and the attitude of British MPS on the other.

From the perspective of the EU, if the extension is approved, how long it will be extended is also a major concern. Although there are many doubts, France has indicated that it would be willing to consider a purely technical extension for a few days.

Kate HOEY

Uk Labour party MP for Vauxhall

"I don't think the extension will be very long, i think the extension will probably be giving time to have a general election and then come back with a different parliament"

CHBC anchor: "so we are talking a three months extension,possibly?"

"I would thought no more than three months, and it may even be less if the pm ask for less"

On the British side, even if parliament has largely approved Johnson's Brexit bill , his government could be equally unreceptive if lawmakers seek major changes to the details and call for general election. A general election, if it becomes an option, could be held as early as Nov. 28, but the parliament has to approve it first.

Anyhow, the situation is not a good thing for the pound, the British stock market performance relatively stable, but the pound has fallen against the dollar and the euro. A currency strategist at Wells Fargo said the pound could fall by around 2% if Brexit is extended for a long time

In the next 2 days, the UK parliament will focus on queen's speech instead of debating on Brexit issues directly. So we have to wait and see with patience.