So, Parliament voted by almost 2 to 1 on Tuesday to kick out the government’s big Brexit deal, which dominated debate for nearly 3 years, but yesterday voted by a comfortable margin to have confidence in that same government. Go figure!
As expected PM May lives to fight another day in the realm of British politics. The resilient Prime Minister took questions across the whole of yesterday afternoon before MPs took to the lobbies, eventually voting 326 vs 306 to confirm confidence in her government. Any staunch Remainers may want to skip onto the next paragraph as this next part may bring back raw feelings. Ironically, last night’s vote worked out as 52% vs 48% the same split as the actual referendum. The result being, Theresa May is still Prime Minister and will carry on today like nothing happened yesterday.
Sterling’s reaction to last night’s event was muted, after its recent roller coaster ride, it took the vote in its stride. Today’s session is a little light on economic numbers – the highlight will come from the Eurozone in the form of inflation. Additionally, with PM May now seeking cross-party consultation, many will be keeping an exceptionally close eye on any developments stemming from Westminster.
Written by Viv Savani. 8:56am, January 17th 2019
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9:07am, December 10th 2018
A huge week ahead for the pound and markets in general