|

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 trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.

Crypto Today: Bitcoin, Ethereum, XRP rebound as risk appetite improves

Bitcoin rises marginally, nearing the immediate resistance of $68,000 at the time of writing on Friday. Major altcoins, including Ethereum and Ripple, hold key support levels as bulls aim to maintain marginal intraday gains.

Week ahead – Markets brace for heightened volatility as event risk dominates

Dollar strength dominates markets as risk appetite remains subdued. A Supreme Court ruling, geopolitics and Fed developments are in focus. Pivotal Nvidia earnings on Wednesday as investors question tech sector weakness.

Ripple bulls defend key support amid waning retail demand and ETF inflows

XRP ticks up above $1.40 support, but waning retail demand suggests caution. XRP attracts $4 million in spot ETF inflows on Thursday, signaling renewed institutional investor interest.