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One Last Heave?

By CMC Markets (Michael Hewson)Market OverviewMar 15, 2019 10:27
One Last Heave?
By CMC Markets (Michael Hewson)   |  Mar 15, 2019 10:27
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Having seen her deal fall for a second time earlier this week, by 149 votes, most people could have been forgiven for thinking the Prime Minister’s deal was pretty much dead.

We’ve been here before though as earlier this year, on the 15th January, when it was smacked out of sight by over 200 votes. Once again, in light of this evenings events it would appear that reports of the deals’ demise once again look premature, as rather than being declared dead on the mortuary slab again it appears to have twitched back to life.

This evening's events in parliament look set to see the Prime Minister go for one last heave, as having avoided seeing Parliament wrest control of the Brexit process, this evening’s vote to ask for an extension until the 30th June, and in the event of another failure, for another one off longer extension was passed by 210 votes, 412-202.

This means we look set to return next week for another go at getting the Withdrawal agreement passed, assuming that the Prime Minister can get the Democratic Unionists on board.

Even now this still seems a big ask as there appear to be enough Conservative party ultras who won’t accept the deal at any price, which means the next attempt to pass the deal could well fail too, albeit by a smaller amount.

Whatever happens it now seems unlikely that the UK will leave the EU on the 29th March however that still remains the legal default, which means MPs may well have to swallow some unpleasant conditions that might be attached by the EU.

The pound's reaction has been pretty much as expected, given most of what transpired this evening was pretty much as expected, however we remain no clearer as to what MPs do want, after this evenings events.

Attention will now turn to the prospect of another so called meaningful vote on the Prime Ministers deal, which if it fails again will mean that the Prime Minister will have to go to the EU Council next week and throw herself on the mercy of the leaders of the EU27 and hope they are feeling generous.

Time to restock on the popcorn.

One Last Heave?
One Last Heave?

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