Speaker Stops Third Brexit Deal Vote

GBP

Prime Minister Theresa May’s Brexit plans were thrown into turmoil on Monday afternoon when the speaker of Parliament said she could not put her divorce deal to a new vote unless it was re-presented in a substantially different form. Speaker John Bercow said the government could not bring forward proposals for a vote that were substantially the same as had already been defeated twice before, in January and last week.

The news came after a number of Tory rebels, including Jacob Rees Mogg, said they may now look to support the withdrawal agreement. Jacob Rees-Mogg said yesterday that a bad exit deal was better than staying in the European Union, the strongest hint to date that he might support May’s deal. “No deal is better than a bad deal but a bad deal is better than remaining in the European Union in the hierarchy of deals,” Rees-Mogg told LBC radio. “A two-year extension is basically staying in the European Union.

British companies look set to cut investment by the most in 10 years in 2019 because of Brexit. Business investment was forecast to fall by an annual 1.0 percent this year, the British Chambers of Commerce (BCC) said. Many financial firms have set up operations in other EU countries and carmakers have reduced their expansion plans in Britain. BMW said this month it could move some output in the event of a no-deal Brexit.

Key Announcements

09:30 - GBP: UK Unemployment Rate expected to be unchanged at 4%
09:30 - GBP: Average Earnings Excluding Bonus Expected to be unchanged at 3.4%