|

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 gathers traction, approaches 1.1800

EUR/USD manages to reverse Tuesday’s pullback, advancing to two-day highs near the 1.1800 hurdle in the latter part of Wednesday’s session. The pair’s decent uptick comes on the back of the modest retracement in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House in the wake of President Trump’s SOTU speech.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

Crypto Today: Bitcoin, Ethereum, XRP test rebound strength as ETF inflows return

Bitcoin, Ethereum and Ripple are gaining traction at the time of writing on Wednesday, amid persistent market doldrums. The Crypto King is up over 2% intraday, trading above $65,000 from the day’s opening of $64,058.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.