Sterling is weak against the dollar and the euro this morning as Brexit developments continue to unfold. The government will table a second vote for an early general election today, but it is expected that they will not receive the backing needed to go ahead with this. Opposition MPs want the bill to block a no-deal Brexit to be passed first, which is set to gain royal assent and become law today.
Government ministers have said that they still intend to leave the EU on the 31st of October, and will test this new law “to the limit.” Foreign Secretary Dominic Raab stated that they will “look very carefully” at its “interpretation.”
In another blow for the Prime Minister, Amber Rudd both resigned as work and pensions secretary and quit the Conservative Party altogether, saying that there was “very little evidence” that the government will secure a Brexit deal.
MP’s will also debate a petition today, which aims to stop the prorogation of Parliament. Parliament is due to be prorogued at some point between today and Thursday. Another ruling on Wednesday is expected to determine whether this proroguing is illegal, following an appeal from MPs.
A flurry of economic data will be released for the UK today, including GDP data for July, Balance of Trade and manufacturing production figures.
