Queen Approves Parliamentary Suspension


Sterling fell to a six-day low on Wednesday after Queen Elizabeth gave the nod to Prime Minister Boris Johnson’s plan to suspend parliament, leaving lawmakers little time to prevent a no-deal Brexit. A statement from advisers to the Queen, known as the Privy Council, confirmed that the British parliament will be prorogued on a day between Sept. 9 and Sept. 12, until Oct. 14. The pound plunged and government bond yields fell when Prime Minister Boris Johnson sought to suspend parliament in September, just days after lawmakers return from summer recess. The Queen’s Speech to launch new legislation would be scheduled for Oct. 14, he said.

While Johnson denied he was seeking to prevent parliament from obstructing his Brexit plans, the move will curtail the time available to lawmakers who want to prevent Britain from crashing out of the European Union without a deal. The news took the edge off a pound rally on Tuesday, when it touched a one-month high on news opposition parties were thrashing out ways to block a hard Brexit.

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13:30 – USD: Preliminary GDP forecast at 2%