Yesterday Prime Minister Theresa May addressed her Tory Party lawmakers at an event held in Parliament. The meeting was held in private and her aims were to calm her Party members who have been attacking her both publicly and behind the scenes.
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May appeared in front of the 1922 Committee and had a difficult time during the speech. The Prime Minister was not forced to attend the meeting, but she chose to which was a bold and brave move and aimed at settling the Party following what has been a very difficult period.
Rumours are that a number of Tory back benchers are not happy with the current Brexit plans and are currently unhappy with Theresa May’s stewardship. In order for a vote of no-confidence to occur a total of 48 Tory lawmakers will need to come together to send a letter to the 1922 committee.
However, at the moment it is unclear as to how many individuals have actually said that they will put pen to paper.
With less than six months to go before the UK is due to leave the European Union, Brexit talks have ground to a halt owing to the Irish backstop issue. The current plan is for no hard border but this has yet to be agreed, which is a big factor as to why the talks have stalled.
The talks at last week’s EU summit went nowhere and this was when the talks were originally due to be concluded. However, at the moment we could be waiting another few months before we get anywhere further and this is what is keeping the pound under a huge amount of pressure against a number of different currencies.
UK Mortgage Approvals came in at their lowest level in 6 months after the Bank of England’s decision to increase interest rates in August caused demand for borrowing to drop.
The data showed a fall of 6.7% compared to twelve months ago and this highlights another part of the economy which has slowed since the Brexit vote back in June 2016. With the recent increase of stamp duty having a negative effect in London and the surrounding areas this has been a reason given for the slowdown.
The Confederation of British industry has also suggested that UK factories are reducing their spending on investment and that the uncertainty of what will happen to trade post-Brexit was the reason given.
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