|

PM May rejects calls for vote delay, Brexit vote will go on - Reuters

According to reporting by Reuters, UK Prime Minister Theresa May's office announced in no uncertain terms that December 11th will be seeing a parliamentary vote on her current Withdrawal Proposal from the EU, and sources within PM May's own government, who claim to be concerned about her political longevity in the face of calls for a no-confidence vote, are reporting that multiple avenues have been brought to PM May recently in bids to try and salvage May's party from the brink, with the current state of things strongly suggesting that the current Withdrawal Agreement will not pass muster in the UK's House of Commons on Tuesday.

Key quotes

With parliament mid-way through a five-day debate on the Brexit deal before the vote on Tuesday which will define Britain’s departure from the EU and could determine May’s future as leader, she looks set to lose the vote. 

The Times newspaper reported that senior ministers were urging May to delay the vote for fear of a rout and several lawmakers said they suspected the government may try something to postpone what would be a game-changing defeat.

“The vote will take place on Tuesday as planned,” May’s spokeswoman said. The House of Commons leader, Andrea Leadsom, also told parliament the vote would go ahead on Dec. 11.

But any such delay would anger lawmakers. Both opponents and allies alike have spent days criticising the agreement, especially the backstop, intended to ensure there is no return to a hard border between British-ruled Northern Ireland and EU-member Ireland.

Brexit supporters and May’s nominal allies in Northern Ireland’s Democratic Unionist Party say it could leave Britain forced to accept EU regulations indefinitely, or Northern Ireland treated differently from the rest of the United Kingdom.

EU supporters say Britain would become little more than a rule-taker, offering the worst of all worlds. Many want to see the government lose on Tuesday.

But EU negotiator Michel Barnier said on Thursday the deal was the best Britain will get, while British finance minister Philip Hammond said it was “simply a delusion” to think the agreement could be renegotiated if parliament rejects it.

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

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.