After extending its rebound yesterday following Boris Johnson’s second Common’s defeat, the pound is down this morning against both the euro and the dollar.
Yesterday, MPs passed legislation to stop a no-deal Brexit with 327 votes to 299. This bill forces the Prime Minister to ask for an extension to Brexit, unless he can agree on a deal before the 31st of October. The House of Lords are now considering the bill, and last night held a series of votes that appeared to suggest that they may de-rail it. However, Lord Ashton of Hyde has since announced that all stages of the bill should be completed by 5pm on Friday.
Boris Johnson attempted to call a snap election yesterday, however he failed to get the backing required to go ahead with this. Labour whipped its members to abstain and SNP, Green Party and Independent MPs also refused to take part. Jeremy Corbyn said, “Let this bill pass and gain royal assent, then we will back an election so we do not crash out.” An election, therefore, is still expected to take place at some point.
