Brexit: Quick Response
The “meaningful vote” on UK Prime Minister Theresa May’s Brexit-bill has transpired, and as expected, it has suffered a convincing defeat.
In fact, it was a whole lot uglier for Prime Minister May than expected.
She lost the count 432 to 202.
The floor of the House of Commons broke into a cacophony after the result was announced, as its wont to do.
Prime Minister May’s response to the House’s verdict was well prepared. She would have known that a loss was upon her.
The Prime Minister assured she will come back with an amendable motion for Parliament on Monday.
Opposition Labour leader Jeremy Corbyn chastised the Government in his response; and tabled a no-confidence motion.
That vote will now take place tomorrow. A successful vote on the motion would lead to a general election.
However, the Democratic Unionist Party (DUP) have already stated that they will support Prime Minister May’s government in tomorrow’s vote.
The pro-Brexit European Research Group have stated that they will do the same.
Many MP’s also took the stand to speak on the vote’s outcome.
Liberal Democrat deputy leader, Jo Swinson, called for a second referendum, while many others demanded an extension to Article 50.
The European response was swift. European Commission President Jean Claude Juncker’s office released a statement expressing the bloc’s regret at the decision, while reaffirming that the existing Brexit deal is not up for renegotiation.
The market response to the morning’s events has so far been a classic case of “buy the rumour, sell the fact”, it seems.
The GBP/USD leapt from its intraday lows on the news, rallying from 1.269 to above the 1.28 handle in the immediate aftermath of the vote.
Wall Street stocks fell initially, only to recover their losses into the market’s close.
The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.
See your opportunity ?
Seize it now. Trade over 17 000 markets on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
