Speaker of the lower house, John Bercow, on Monday announced that there will not be a meaningful Brexit vote.
"There are two issues: one of substance, the other of circumstance. Today's motion seeks approval for same things as Saturday's," Bercow noted. "It is clear the motions are in substance the same. This matter was decided fewer than 49 hours ago."
The initial market reaction dragged the GBP/USD pair to 1.2960 area but the negative impact of Bercow's comments on the British pound faded away quickly. As of writing, the pair was trading at 1.2990, adding 0.15% on a daily basis. Below are some additional quotes, per Reuters.
"It is hard to see a significant change of circumstance that would warrant a reconsideration on the next sitting day."
"Application for Brexit delay is not persuasive as a change of circumstance."
"Today's motion is in substance the same and the house has decided the matter."
"The motion will not be debated today."
"It would be repetitive and disorderly to do so. It is legitimate for the government to introduce its EU withdrawal bill."
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