Brexit, Parliament, Sterling and the vote to leave the EU
The three year Brexit saga it set to reach one conclusion in Westminster today, no doubt others will follow.
Either the two bills put forward by Boris Johnson’s government win approval in Parliament or the Prime Minister has said he will seek a general election at the earliest opportunity.
The first is a vote on an “in principle” reading of the Brexit bill and the second on the enabling legislation, the “programme motion” required for implementation. Downing Street believes that Mr. Johnson has secured the necessary 318 votes for passage. If so it will be the first time any Brexit deal has been backed by Parliament.
The government also thinks it has the votes to head off any attempts by Labour and Brexit opponent MPs to attach an amendment requiring a second referendum to the Brexit deal and a second amendment to keep the UK in the EU customs union to the enabling bill.
Mr. Johnson has said that if either amendment is accepted he would withdraw his bills for Brexit.
Sterling has traded in the last few weeks in response to the chances for the Brexit bill in Commons. As the odds for approval rise so does the sterling.
The more than three year-long debate over the future of Britain in the European Union has come down to a plain desire to end the uncertainty and move on.
Reuters
Author
Joseph Trevisani
FXStreet
Joseph Trevisani began his thirty-year career in the financial markets at Credit Suisse in New York and Singapore where he worked for 12 years as an interbank currency trader and trading desk manager.
