|

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 clings to humble gains around 1.1780

EUR/USD manages to reverse Tuesday’s pullback, sticking to daily gains around 1.1780 following an earlier bull run past 1.1800 the figure. The pair’s slight advance comes on the back of the equally marginal uptick in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House.

GBP/USD clings to small gains above 1.3500

GBP/USD is posting moderate gains above 1.3500 on Wednesday. The pair edges higher as the US Dollar meets fresh supply amid a modest improvement seen in risk sentiment following US President Donald Trump’s first State of the Union address.

Gold rises toward $5,200, supported by geopolitics and trade jitters

Gold buyers are back in the game, eyeing $5,200 and beyonf on Wednesday after seeing a correction from monthly highs on Tuesday. The US Dollar slips after Trump’s SOTU fails to impress and as AI-driven worries ease. Dovish Fed bets also weigh.  Gold looks north so long as the key 61.8% Fibo resistance at $5,142 holds on the daily chart.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week.  BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

Nvidia remains at the heart of the AI boom

Nvidia remains at the heart of the AI boom, with Q4 revenue projected near $65.6–66.1 billion, nearly 70% higher year-over-year. But investors are watching cash flow, leverage, and broader AI adoption. Growth is strong, but the AI stress isn’t over.

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.