Theresa May might be defeated again in parliament over Brexit
The British Prime Minister could be defeated again in parliament over plans to renegotiate her Brexit deal on Thursday.
Theresa May is likely to be defeated in parliament on Thursday over plans to renegotiate her Brexit deal, which threatens to weaken her standing in the eyes of EU officials in Brussels ahead of the March 29 deadline.
On Thursday, the British prime minister faces a vote in the House of Commons to get the green light on her plan to secure further concessions from Brussels, with her hoping to appease MPs concerns over the Irish backstop so Britain can leave the EU with a deal.
Conservative revel MPs angry over ruling out no-deal Brexit
Brexiteers in May’s Conservative party have expressed anger over her the prime minister’s alleged willingness to rule out a no-deal exit from the EU.
Chairman of the pro-Brexit organisation, European Research Group, MP Jacob Rees-Mogg and other hard-line Brexit supporters are adamant that Britain will leave the EU on March 29 with or without a deal.
The vote on Thursday is viewed as symbolic, but even so, the level of division within May’s own Tory party and those of the opposing Labour party to her Brexit deal could see her defeated once again.
Unified front essential for better Brexit deal
Officials in Brussels have made it clear that they will not make any concessions to the divorce bill without assurances that a new Brexit deal will have sufficient support from British MPs to get it passed.
Trade minister Liam Fox pleaded with UK lawmakers to come together and support May, warning that ‘our European partners will be watching’ the vote on Thursday and signs of division will only hurt Britain’s chances of securing a better deal.
However, several Tory MPs are enraged at the idea of ruling out a no-deal exit from the EU, believing that the stance weakens the UK’s ability to secure a good deal with Brussels.
‘Compromising no deal would be the daftest negotiating strategy and not in the national interest,’ Steve Baker, a member of the pro-Brexit European Research Group said on Twitter.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Trading around Brexit
Find out how the UK’s exit from the EU continues to affect traders, and discover:
- The unique opportunities in a ‘hard’ and ‘soft’ Brexit
- The markets you should be watching
- Everything that’s happened so far
Live prices on most popular markets
- Forex
- Shares
- Indices