On Tuesday 12th of March, Parliament will vote on whether or not to accept the Brexit deal currently on offer from the EU. The previous meaningful vote on the 15th of January resulted in an overwhelming rejection of the deal.
We will learn in the morning of the 12th what concessions have been made to the original deal before the vote itself takes place; however last week the Attorney General Geoffrey Cox returned from Brussels with no major concessions to the crucial the ‘Backstop agreement so it seems unlikely that the result of the vote will be different this time. It was rumoured that Theresa May would delay the vote due to the risk of another rejection and vote the following day. The PM has however confirmed that the vote will take place tomorrow.
The Labour Party has come under pressure to put forward a movement for another referendum on Brexit at the same time as the meaningful vote, but Labour front benchers Keir Starmer and John McDonnell have said that the Labour Party will not support a second referendum. This is so the outcome of tomorrow’s vote is a clear cut verdict on Mrs Mays Brexit deal.
Sir Keir stated that Labour would support an extension to Article 50 to try and achieve a better Brexit deal.
If the vote tomorrow is rejected, there will be another on Wednesday 13th put to Parliament to decide whether to push ahead with a no deal Brexit. PM May has stated “The UK will only leave without a deal on 29 March if there is explicit consensus in the House for that outcome,”. According to previous votes there are only a minority of MPs who would support a no deal Brexit. If this vote is also rejected, another will be held on Thursday the 14th on whether or not the UK should seek an extension to Article 50.
To read about how these events could impact the interbank exchange rates for your currency exchange, download our monthly currency forecast.
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