No-deal Brexit chances squashed by parliament
Significant news yesterday out of the UK, where Parliament prevailed in taking big steps to prevent a no-deal Brexit. 26 'rebellious' Conservative MP's voted against their government, which brought the key vote to 321-299 in favour of the amendment.
Effectively, this means parliament will have a greater say in what the Government does with Brexit, if/when May's deal loses the vote next Tuesday. However by the sound of things, the vote yesterday will not affect the ultimate outcome, as the motion is not legislation and so therefore not legally binding.
Dominic Raab's comments this morning were very interesting, indicating what most people are thinking in that May's deal ties the UK into EU law forever and that Brussels have bullied this particular deal on the table. He believes there is still time to negotiate a final deal and expects this to be the course of action that will play out.
For Sterling, a no-deal Brexit would likely be catastrophic, but the Euro would also suffer heavily because the UK is the second biggest contributor within the EU. There has been no real positive movements for the Pound on the back of the result because the vote does little to predict what is going to happen with Brexit.
Theresa May will today publish the legal advice received over Brexit at 11:30am and the second day of debates begin.