Pound Falls on Delayed Brexit Vote

Published / Last Updated on 10/12/2018

Theresa May has confirmed that Tuesday’s Brexit Vote by MPs is to be postponed.

Some Conservative MP’s as well as Labour, Scottish National Party, Liberal Democrats and Democratic Unionists are likely to vote down Theresa May’s Brexit deal and push for either renegotiating with the EU or in the case of Labour, trying to force a ‘vote of no confidence’ and a general election.

Theresa May is trying to entice MPs to back the deal whilst also being in discussion with EU leaders to possibly retract the ‘no more negotiations’ position and consider modifying The Northern Ireland backstop. As this appears to be the main stumbling block.

Labour leader Jeremy Corbyn said: “Theresa May should have renegotiated with Brussels or called an election” when she realised Parliament wouldn’t accept her deal.

Last week, the European Court of Justice ruled that the UK could cancel Brexit without the need to refer back to other member states, we suggest to tempt ‘remainers’ to stay.

Comment:

It is ironic that those committed to remain ( i.e. stay in the EU) such as Labour, could be voting ‘no’ to the deal in the House of Commons, which could ultimately lead to a No Deal Brexit (just what they do not want).

Given the news on the  delay, the pound weakened even further and markets fell although FTSE 100 will likely pick up with a weakened pound.

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