Corbyn Pushes No Confidence Agenda


Jermey Corbyn on Thursday said he would not waste the opportunity to tell the Queen Elizabeth ‘we are taking over’ should Prime Minster Boris Johnson refuse to quit if he lost a no confidence vote according to his deputy John McDonnell. Commentators have suggested that parliament, where a majority are opposed to a no-deal Brexit, could call a vote of no-confidence in him before then, most likely in September. But some reports say Johnson could refuse to resign even if he lost in order to delay an election beyond Brexit deadline and ensure the country leaves the EU.

Under 2011 legislation, a vote of no-confidence triggers a 14-day period during which Johnson can either regain the confidence of parliament by winning a vote, or rivals can pitch their own government and try to secure majority backing. A transition of power between British prime ministers relies on the outgoing office holder recommending their successor. Any deviation from this could force the queen to break a golden rule that the monarch does not get involved in politics.

Key Announcements

09:30 – GBP: Manufacturing Production m/m – Forecast at -0.1% from previous 1.4%
09:30 – GBP: Preliminary GDP q/q – Forecast at 0% from previous 0.5%