May survives fresh Brexit vote but rebels up the pressure

Remigio Civitarese
Giugno 14, 2018

- Vote kicks threat to government stability out into the long grass again.

The amendment, which would push the government towards adopting a Norway-style deal with Brussels, was voted down by 327 votes to 126, a majority of 201.

The votes tonight followed a dramatic day of politics in Westminster on Tuesday, when Prime Minister May agreed in principle to give MPs greater power in the Brexit process in order to avoid a humiliating defeat. It also seeks to hand the negotiations over to parliament after February 15 2019 if a deal has not been agreed by that time.

Parliament will vote Tuesday on a key piece of legislation, the E.U. Withdrawal bill, that would transfer European Union laws now on British books into British law after Brexit.

"Overall, the latest developments are supportive for the pound".

A Tory Remain rebel has warned Theresa May that "if she f**ks us, she's f**ked, ' after Conservative MPs were given assurances by the prime minister that a compromise Brexit amendment to the 'meaningful vote" will be upheld. Secondly, it appears that the risk of a more disruptive "No deal" Brexit outcome has diminished further.

Yet this week's marathon Brexit debate have Labour members of Parliament concerned about their Brexit-voting electorates - and pro-European lawmakers frustrated by Corbyn's euroskeptic history - airing frustrations in full view. Part A said that if parliament rejects the final Brexit deal, the government would have to set out a new approach within seven days.

All of these amendments would see the UK's worldwide trade arrangements continue to be dealt with from Brussels while keeping parliament and United Kingdom courts subject to a vast body of European Union law as well as bound by all future legislation.

Laura Smith, MP for Crewe and Nantwich, was among 15 Labour MPs who voted with Theresa May to reject the EEA amendment.

The government said it would produce its revised plan on Thursday.

But critics say it would require the United Kingdom to adhere to European Union rules without having a say in them - and would not be in keeping with the spirit of the 2016 referendum result.

Britain's future trading and customs arrangements after Brexit have become a lightning rod for divisions that have not only plagued May's Conservative Party but also in the Labour Party.

May says the changes would weaken the government's negotiating position, and the government will try to alter or reverse them in the House of Commons on Tuesday and Wednesday. "That's what this House voted on Article 50". So each and every vote counts when it comes to key pieces of legislation.

Other changes insisted upon by the Lords relating to the Charter of Fundamental Rights, principles of European Union law to be retained after Brexit and European Union environmental principles were also removed.

The Pound was quoted 0.29% lower at 1.3334 against the US Dollar Wednesday while the Pound-to-Euro rate was 0.42% lower at 1.1334.

Meanwhile, cable had otherwise been offered due to the below-forecasted earnings data from the jobs report in the London session today; (Headline earnings +2.5%, ex-bonus earnings +2.8%, both were 0.1% and below forecasts) 1.3380 was hit on the knee-jerk and a high of 1.3418 was touched on the volatility before the data, (the larger than expected rise in employment was the silver lining for cable bulls overnight, 146k vs 110k forecasted).

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