Rainbow alliance of Remain MPs plot to shoot down Boris Johnson’s deal – The Sun

Anil Panchal FXStreet

Early Asian morning on Tuesday, The Sun came out with the news that could increase hardships for the United Kingdom’s (UK) Prime Minister (PM) Boris Johnson.

The story mentions that a rainbow of Senior Liberal Democrat (Lib Dem), Scottish National Party (SNP) and even Democratic Unionist Party (DUP) Members of the Parliaments (MPs) were in frantic talks with the opposition Labour party leader Jeremy Corbyn to sabotage the bill when it will be up for votes during this week. The second reading on the Withdrawal Agreement (WA) bill will be presented to the House on Tuesday.

Key quotes

“A senior Downing Street source familiar with the latest numbers tally told The Sun that voting on it Tuesday and Wednesday will be “very tight”.”

“The opposition alliance are planning to strike in four key areas.”

“DURING an initial vote today on the bill’s programme motion — which sets the timetable for it. Forcing the debate to last longer than three days risks Brexit having to be delayed again by a few weeks.”

“AMENDING the bill to force Britain into a customs union with the EU after Brexit. This was being seen by No10 as a wrecking motion, as it would see the PM pull the whole bill rather than agreeing to no new trade deals — resulting in a new delay.”

“ATTACHING a second referendum on to the PM’s deal to allow voters to approve it first.”

“MAKING it illegal for the Government to leave the transition period on World Trade Organisation terms with a free trade agreement with the EU in place.”

FX implications

While no major reaction to the news could be witnessed, challenges increase for the British Pound’s (GBP) latest run-up.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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