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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Brexit: UK government says no to second vote

Britain's UK government has said no to a second referendum on leaving the European Union on Sunday, arguing a second Brexit vote could do more harm than good.

UK Government says no to second vote
Source: Bloomberg

Britain's UK government has said no to a second vote on leaving the EU, arguing that a second Brexit vote could do more harm than good, and create more divisions in the UK.

Prime minister Theresa May is set to state her opposition to a second Brexit referendum in a parliamentary speech on Monday.

Extracts of her speech released in advance have relayed that she will tell parliament a second Brexit referendum would “break faith” with British people.

May’s speech extracts show she will say: “Another vote which irreparable damage to the integrity of our politics would do, because it would say to millions who trusted in democracy, that our democracy does not deliver. Another vote which would likely leave us no further forward than the last.”

EU leaders said last week they would be ready to help but warned May could not renegotiate the deal.

Parliament in deadlock

May faces deadlock in parliament, with more politicians weighing in on the matter, talking about what could happen if Britain ended up leaving without an agreement or a second referendum to stop Brexit.

Britain is due to leave the EU in March, which would make Brexit the biggest move in trade and foreign policy in over four decades.

This comes after May survived a no confidence vote among her ministers last week. Opposition parties are now calling for Labour to put forward a motion of no confidence against the government this week.

Labour's policy chief for communities and local government, Andrew Gwynne responded saying :

"We will be using whatever mechanisms we have at our disposal next week to try and force the government to bring forward that deal for a vote before Christmas."

Ireland's foreign minister, Simon Coveney said if Britain wanted to put an "entirely new" Brexit proposal forward the government would most likely have to delay its departure.

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