Theresa May's replacement as U.K. prime minister will likely be stridently pro-Brexit, says Martin Gilbert, chairman of Aberdeen Standard Investments.
The Irish backstop is an agreement to essentially ensure there will be no hard border between Northern Ireland and the Republic of Ireland after Brexit, regardless of how future trade talks between the U.K. and the EU turn out. It's a major reason why British lawmakers rejected May's deal, with pro-Brexit supporters arguing that the backstop would tie the U.K. indefinitely to many EU laws.
The EU had said several times that it will not renegotiate the Brexit deal it struck with May's team. Gilbert suggested that's even more unlikely now after main centrist parties lost seats in last month's European elections.
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