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Brexit Back On Track

• Posted by currencies in Bank of England, Brexit, Currency, Dollar, Economy, EUR, GBP, Sterling, UK, Uncategorised
• December 13, 2018
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Theresa May was set to ask European leaders for help today after a mutiny by more than a third of her MPs failed to unseat her but left parliament heading for deadlock over Brexit.

May won the backing of 200 Conservative members of parliament in the high-stakes secret vote while 117 dissented, far from the robust affirmation she needs as she heads to Brussels to ask for an improvement to the Brexit divorce deal.

The EU is not likely to offer much immediately, with a draft statement the other national leaders in the bloc were preparing for May only speaking of their readiness “to examine whether any further assurance can be provided”.

Speaking in Downing Street after the vote, May said she would listen to those who had voted against her and seek legal assurances on the most controversial part of her deal – an insurance policy to prevent a hard border between EU member Ireland and the British province of Northern Ireland.

On Monday, May had cancelled a parliamentary vote on her deal, struck after two years of negotiations and designed to maintain close future ties with the bloc, after admitting it would be heavily defeated in the House of Commons.

With Britain due to leave the EU, parliament’s opposition has suddenly opened up possibilities including a potentially disorderly exit with no deal or even another referendum on membership.