UK: House of Lords votes 366 to 268 to accept Brexit amendment - BBG

Eren Sengezer FXStreet

Following a long debate, the House of Lords in London voted by 366 to 268 on Tuesday in favor of changing May's draft Brexit law to give Parliament the ability to reopen negotiations if legislators decide the terms of the agreement aren't good enough.

May wants to start Brexit talks by the end of March by formally invoking Article 50 of the EU's Lisbon Treaty. Former Tory cabinet minister Douglass Hogg told lawmakers during Tuesday's debate that U.K.'s future should rest with Parliament and not with ministers.

More headlines from the debate:

The public did know the outcome of Brexit when they voted last year - Douglas Hogg, Viscount Halisham
Nonsense to suggest a second referendum is undemocratic - Lord Turner
If the Lords disagrees with MPs on Theresa May's final Brexit deal, it "almost" is a "veto." - The Archbishop of York
Peers have a duty to ask MPs to reconsider if they believe that they have "not got it right - Lord Cormack
We don't trust the Government on this issue. We are only here at all because of the Supreme Court - Lord Oates
I regret the outcome of the referendum and the fightback starts here - Lord Hasseltine
If peers were to disagree with the Commons, it would be up to the government to take the matter back to MPs - Lord Pannick
Both Houses will get a vote on the final deal and this amendment is not needed - Lord Forsyth

As of writing, the GBP/USD is down 0.34% at 1.2197.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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