Theresa May appears to be coming under pressure from all angles as members of the Conservative Party are looking for clarity on the day that she intends to stand down. After May offered to resign once Brexit was completed in a last-ditch attempt to get her deal through Parliament, many are wondering at what point a deal might be done.
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Yesterday afternoon, the Chairman of the 1922 Committee Graham Brady was thought to be in a meeting with the Prime Minister agreeing a date for when she will depart and has reportedly given PM May until 16:00 to provide a date. Arguably a controlled exit such as this may mitigate some volatility in the currency market, but whoever replaces May could well dictate how the markets will move. A Brexiteer PM may rip up the current negotiations and take us back to the beginning of the Brexit process.
Talks between Jeremy Corbyn are continuing with conversations on a customs union being a focus, however only a temporary union is on offer now. Jeremey Corbyn and the Labour Party are thought to support a Customs Union however a large amount of Conservative MPs are against this idea. If there was a Customs Union agreement, then Theresa May could get her deal through with more Labour MPs backing the agreement than Conservatives.
The Prime Minister's Deputy David Liddington has “regrettably” revealed that the UK will need to contest the European elections as there is little time to guarantee that a Brexit deal could be completed. However, it is worth noting this doesn’t mean the elected UK Members of the European Parliament will ever actually serve a day in the job.
The incoming European Parliament will meet on the 2nd July and there is hope that the UK MEP’s will not need to attend. Considering the likes of Nigel Farage are set to be amongst them, I’m sure the European Union may also be hoping that’s the case.
The Brexit talks are still in full swing, however as they’re not being played out in the House of Commons you may think not much is happening. However, at any moment there could be new developments which could have a major effect on the market so make sure you’re in contact with your Account Manager.
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