UK: Many political challenges ahead – TD Securities

Sandeep Kanihama FXStreet Contributor

Analysts at TD Securities note that the UK Prime Minister Boris Johnson failed in his bid for an early election on October 15, with MPs voting 293 in favor of an election against 46 opposed; Johnson required two-thirds or 434 MPs to support the motion.

Key Quotes

“Parliament has been suspended until October 14, with Johnson stating that he will not delay Brexit any further, reiterating that he is prepared to leave the EU without an agreement if necessary. This would effectively ignore legislation passed into law earlier blocking a no-deal Brexit forcing the PM to seek a delay until 31 Jan 2020.”

“Separately parliament passed a motion by 311 to 302 to compel Downing Street to release various documents related to no-deal Brexit planning, but officials are so far resisting their release. A lack of progress in talks with Irish PM Varadkar in Dublin on Monday highlights the challenges ahead.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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