Theresa May

18 Jan 2019

Brexit debate – next steps

The UK PM is set to take her ‘Plan B’ to the Commons on Monday 21st where she will outline her strategy for the next steps in the process. A full day of debate will take place on Tuesday 29th, culminating in a vote.

The motion will be amendable which means that Parliament will be able to express its views on a number of options with respect to the type of deal it prefers. This may show whether there are any ways forward which could command the support of the House. In addition an amendment may be accepted which enables MPs to determine Brexit related business of the Commons, allowing them to table debates on whether to request (for example) an extension to Article 50. At present, government business generally has precedence. This is very procedural and technical, but in broad terms MPs will press for (and probably get) greater powers at the expense of the government.


Sterling hits two month highs


As uncertainty continued to swirl around all things Brexit, there were a few positives that the pound clung on to. A ramp up of chatter in relation to an extension to the March 29th deadline was probably the most notable positive. News that the UK government had met with some Labour law makers yesterday after Labour leader, Jeremy Corbyn, had earlier vowed not to engage with Mrs. May until she refused to rule out a ‘no deal’ Brexit only added to the feel good factor. Mr. Corbyn also refused to rule out the option of a second peoples vote. There were also reports of a newly released YouGov poll that pointed to the ‘Remain’ vote now stretching its lead to 56% which is the highest level it has been since the seismic June 2016 vote.


Economic Releases


13.30   CA  CPI

14.15   US  Industrial Production

15.00   US  University of Michigan Consumer Sentiment