04 Sep 2019

Sterling steadies as Johnson suffers heavy defeat

Boris Johnson’s government was defeated in Parliament last night by a vote of 328-301.

This means that anti no-dealers will take control of the order paper today and seek to legislate for a three-month extension to avoid a no-deal Brexit, if no deal is reached before 31 October. A total of 21 backbench Conservative MPs crossed the aisle to defy the government, including Father of the House Ken Clarke, former Chancellor Philip Hammond and Winston Churchill's grandson Sir Nicholas Soames. All 21 have now been stripped of the Tory whip and will sit as independents in the House of Commons. Mr Johnson’s government has now tabled a motion for an early General Election, unhappy that he considers his hands are now to be tied in Brexit negotiations by legislation which takes no-deal off the table. However, whilst Labour has been keen to see a General Election, there are doubts whether Labour will back the General Election motion today as they seek to tie Mr Johnson’s hands with the anti no-deal legislation first. 

 

General election vote due

The challenge for the anti no-dealers is to get the legislation passed as quickly as possible, before Parliament is dissolved next week. Meanwhile there are some signs that steps are being taken by those who favour keeping no-deal on the table, to delay and therefore attempt to prevent the Bill receiving Royal Assent before Parliament is dissolved. Indeed, there are reports of 92 amendments having been proposed to the Bill for its House of Lords consideration. In terms of timings, it is likely that the debate in the Commons will happen from 3pm onwards, with a vote on second reading penned in for around 5pm and with the item in its entirety listed on the order paper as running to 7pm. In terms of the Early Parliamentary General Election motion, 90 minutes has been allocated for this. This is being slated to happen around 9pm. Finally note that just before 1pm Sajid Javid delivers his first spending review, setting out 2020/21 budgets for Whitehall departments.

Dalata Hotel Group - H119 Results

 Dalata recorded H1 revenue growth of 12.2% helped by the 1,400 new rooms opened in the past 18 months. The pipeline remains strong with 2,400 new rooms to beadded in 2020 to 2022. The company has announced a new site with planning in Shoreditch, London which will be branded as a Maldron Hotel, close to the recently opened Clayton City Hotel.   Performance of the new Dublin Hotels was strong, offsetting a slightly lower Dublin RevPAR with the VAT increase impacting Transient and Corporate, and some supply in the market from student accommodation over the summer months.EBITDAR margins were up 40bps at 40.4%; meanwhile there was continued upward valuation of investment assets of €46.3m.