UK: Theresa May’s fourth attempt to get her deal approved has backfired - ING

Sandeep Kanihama FXStreet Contributor

James Smith, developed markets economist at ING, points out that UK PM May unveiled a last-ditch attempt to get her Brexit deal over the line this week, by announcing she will bring forward the so-called ‘Withdrawal Agreement Bill’ – the piece of legislation required to translate the Brexit deal into UK law.

Key Quotes

“By promising extra guarantees on the environment and workers rights, along with a commitment to a parliamentary vote on the final Brexit deal, she hoped to persuade a greater share of Labour MPs to come on board.”

“But within an hour of announcing the details of the bill, it became clear that the parliamentary arithmetic had not swung in favour of her deal – and in fact, the numbers have moved backwards.”

“Conservative Brexiteers were alarmed by the prime minister’s promise of a parliamentary vote on a second referendum and temporary customs union. At the time of writing, Buzzfeed News estimates that 42 Conservative MPs who voted for the deal in March, have said they won’t do so now.”

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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