Theresa May expected to resign as PM to get her Brexit deal done
The British prime minister is expected to offer her resignation to sweeten her Brexit deal on Wednesday with the hope of getting it through the House of Commons in a vote later this week.
Theresa May is expected to indicate a date for resignation as prime minister as a means of making her twice-defeated Brexit deal palatable enough for MPs to swallow when her revised withdrawal agreement faces a third vote in parliament later this week.
As it stands, it is unclear how, when or if Britain will leave the EU, with May expected to get MPs to vote on her revised Brexit deal for a third time later this week, as several Conservative rebels, including Jacob Rees-Mogg, reluctantly choose to get behind May’s withdrawal agreement.
British lawmakers hold indicative votes on Brexit
Meanwhile, MPs in the House of Commons are desperate to take Brexit out of May’s hands, with lawmakers set to hold indicative votes on a range of alternative options, including a much softer exit from the EU to bailing out of the bloc without a deal and even revoking Article 50 altogether.
British lawmakers are scheduled to debate and vote on all manner of alternative Brexit options in parliament on Wednesday at around 7:00pm GMT, with the results announced at 9:00pm.
Theresa May’s offers her premiership on a plate
May is still hoping that she can secure enough support in parliament to edge her deal over the line, with the prime minister expected to indicate a date for her departure on Wednesday afternoon during a meeting with members of the 1922 Committee, a group comprised of Conservative backbench MPs.
‘The prime minister might get a deal over the line on Thursday or Friday,’ Oliver Letwin, a Conservative former cabinet minister told Reuters. ‘If she does, no one would be happier than I am.’
‘If, however, that doesn’t happen and if we do go forward to Monday, and if on Monday one or more propositions get a majority backing in the House of Commons, then we will have to work with the government to get the government to implement them,’ he added.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. 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. See full non-independent research disclaimer and quarterly summary.
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
Prices above are subject to our website terms and agreements. Prices are indicative only
