After an eventful weekend, the pound is low against the euro and the dollar this morning as uncertainty persists. Unexpectedly, there was no meaningful vote on Saturday. Instead, MPs voted to pass the Letwin amendment, which requires all legislative arrangements in be in place before the Prime Minister’s Brexit deal can be voted on in Parliament. Despite this, it’s thought that the government will try to hold a meaningful vote on the deal today, but it’s not clear yet whether Speaker John Bercow will allow this to happen.
The Letwin amendment was passed by 322 votes to 306, and meant that the Benn act came in to play, requiring the Prime Minister to ask the EU for an extension to the Brexit deadline. He sent the letter but didn’t sign it, along with a letter explaining that he does not want an extension. President of the European Council, Donald Tusk, tweeted over the weekend to say that he will consult EU leaders on how to react.
The pound was low against the euro and up against the dollar at the end of last week, as the markets waited to see if the Prime Minister’s deal would pass through Parliament.
