|

UK MPs set to delay Brexit if May's Brexit deal fails - UK's Telegraph

According to initial reporting by the UK's Telegraph, Tory and Labour MPs have a plan to delay the final Brexit date by "several months" if Prime Minister Theresa May's Brexit withdrawal agreement fails a parliamentary vote, in a bid to undermine PM May's bid to 'bleed the clock' on Brexit in an effort to force no voters into her camp by withholding the key vote until too close to Brexit day to allow naysayers time to scrape together a new plan.

Key quotes

Cross-party talks have been under way for several weeks to ensure the 29 March date is put back – probably until July at the latest – if the government does not push for a delay itself. It is also understood that cabinet ministers have discussed the option of a delay with senior backbench MPs in both the main parties and that Downing Street is considering scenarios in which a delay might have to be requested from Brussels.

One senior Tory backbencher said: “I have had these discussions with ministers. They will not say so in public but of course the option of a delay has to be looked at in detail now. If we are determined to avoid a no deal, and the prime minister’s deal fails, we will have to ask to stop the clock, and that will give time for us to decide to go whatever way we decide thereafter.”

Any attempt to push back Brexit would anger hardline Brexiters in the European Research Group, led by Jacob Rees-Mogg. But most MPs think it would be supported by a majority in parliament to avoid a cliff-edge exit.

In the week before Christmas Starmer told the Commons: “I do agree that serious consideration needs to be given to the timetable now set by article 50, because by 14 January we will be just nine weeks away from the proposed date of leaving the EU. On any view, the government will then have to make a choice about what to do next. No plan B has ever been forthcoming.”

Labour is not, yet, officially calling for a delay but is biding its time to see what happens when parliament returns in the second week in January.

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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD bears await break below 100-day SMA support near 1.1665 area

The EUR/USD pair attracts heavy selling for the second straight day and dives to a nearly four-week trough, around the 1.1670 region, during the Asian session on Monday. Bearish traders now await a sustained break below the 100-day Simple Moving Average before positioning for an extension of the recent pullback from a three-month top, or levels just above the 1.1800 mark touched on December 24.

GBP/USD falls toward 1.3400 near 50-day EMA

GBP/USD extends its losses for the second successive session, trading around 1.3420 during the Asian hours on Monday. The technical analysis of the daily chart indicates that the 14-day Relative Strength Index at 53 has eased from near overbought, indicating that momentum has cooled while remaining above the midline. RSI holds above 50, keeping a modest bullish bias.

Gold on fire at the start of the week on US-Venezuela tensions

Gold regains upside traction early Monday as flight to safety prevails on Venezuela turmoil. The US Dollar finds strong haven demand, caps Gold’s upside as focus shifts to US jobs data. Gold’s daily technical setup suggests that more upside remains in the offing.

Bulls firmly in control as Bitcoin breaks $93K, Ethereum and Ripple extend gains

Bitcoin, Ethereum, and Ripple extended their rallies on Monday, gaining more than 4%, 6%, and 12%, respectively, in the previous week. The top three cryptocurrencies by market capitalization could continue to outperform, with bulls in control of the momentum.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe rally on Venezuela’s shadow BTC reserve

Meme coins such as Dogecoin, Shiba Inu, and Pepe are leading the cryptocurrency market rally driven by the US cross-border operation to capture Venezuelan President Nicolás Maduro. Dogecoin extends its gain for the fifth consecutive day while SHIB and PEPE take a pause.