|

Opposition party: UK must have power to stop 'no deal' Brexit - Reuters

As reported by Reuters, the UK's Labour opposition party will be demanding that the UK's parliament will have the final say in any Brexit deals, including the power to send ministers back for more negotiations instead of an outright exit without a deal in place.

Key highlights

Theresa May reached a transitional period agreement with leaders from the European Union last week, and now the real hard work has to begin: reaching a long-term trading agreement between the two powers post-Brexit. Whatever shape the final deal takes remains to be seen, but the UK's parliament has been informed that it will be a take-it-or-leave-it deal. As the Labour party's Brexit policy chief strategist, Keir Starmer, will be pointing out in a speech later, “If Parliament rejects the prime minister’s deal, that cannot give license to her – or the extreme Brexiteers in her party – to allow the UK to crash out without an agreement. That would be the worst of all possible worlds."

Reuters went on to note that, "a so-called ‘No Deal’ exit would be likely to cause upheaval on financial markets, throw cross-border trade into confusion, and spark a political crisis in the world’s sixth largest economy. Labour will seek to give parliament more options — including a return to Brussels for fresh talks — by amending the legislation that will formally end Britain’s EU membership on March 29, 2019."

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

More from Joshua Gibson
Share:

Editor's Picks

GBP/USD off highs, back to 1.3620

GBP/USD remains slightly on the defensive at the end of the week, receding to the low 1.3600s after hitting fresh tops past 1.3670 earlier in the day. Cable’s correction comes after two daily gains in a row and amid a tepid advance in the Greenback, while poor UK data also accompany the downside.

EUR/USD treads water below 1.1700

EUR/USD now trades with modest losses around 1.1670 following another unsuccessful atempt to advance past 1.1700 the figure in a convincing fashion. The pair’s decline follows a maginal rebound in the US Dollar as market participants continue to assess recent US data as well as developments from the US bond market.

Gold trims gains, recedes to the sub-$4,600 area

Gold rapidly leaves behind Thursday’s inconclusive price action and advances markedly on Friday, briefly surpassing the $4,600 mark per troy ounce to hit three-month peaks. Meanwhile, the precious metal’s solid performance comes despite marginal gains in the buck coupled with another day of rising US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows

The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.

Week ahead – Fed’s Jackson Hole and Nvidia earnings to dictate markets

Kevin Warsh to make his Jackson Hole debut amid confusing messaging. But a major hawkish surprise unlikely after bond market intervention. Nvidia earnings to also determine market direction as stock rally cools.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.