Yesterday David Davis announced the Bill for the House of Commons to vote on, in order for the government to trigger Article 50 to withdraw the UK from the European Union. The Bill consists of a total of 133 words which is deliberate to reduce the potential for amendments to be made. The Bill will be debated in the House of Commons at the start of next week where MP’s will then be given the opportunity to vote.
If the MP’s vote the Bill through it will then go to the House of Lords, if the House of Lords vote it through then Theresa May will be able to trigger Article 50 within her March 31st timeline.
The vote for the Bill will take place in the next 10 days, so far Jeremy Corbyn has made it clear he’s applying the three line whip and expects all Labour MP’s to vote through the Bill. Whilst there could be rule breakers amongst the ranks, there is likely to be enough support from Conservative and Labour MP’s to get the Bill through.
The government also agreed to produce a thorough formal document outlining the plans for Brexit and the stance the negotiators will take. There was a request for the document to be published before the European Union Withdrawal Bill leaves the House of Commons on February 8th, however no promises were made for this to happen.
The UK’s Gross Domestic Product release yesterday for Q4 2016 which was expected to show a 0.1% drop stayed the same as previous readings for both the Year and Quarter. The economy grew by 0.6% in the final three months of 2016 which was the same amount as the last 2 quarters. This has led some to question whether the Brexit fallout is cancelled or the main economic problems are yet to come.
The Office for National statistics did point out that this is an initial reading and only includes half of the data that will be available when the complete figure is released next month. The data shows that the services sector grew by 0.8%, along with the distribution industry and agriculture. Consumer Confidence was once again put down as one of the biggest contributors to the growth.
If you’re looking to complete Sterling transactions get in touch with your broker as there is likely to be major volatility over the next week, where the Commons debate will take centre stage live on television. Call our trading floor on 01494 725 353 if you would like to discuss your options regarding a currency transfer.
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