Talk of a general election and a possible Brexit extension has brought the pound to 34 year lows against the dollar, if the 2016 ‘flash crash’ is excluded. If MPs succeed in passing legislation through to block no-deal, it is thought that Boris Johnson could seek the backing of MPs for an early general election on the 14th of October. He would need the support of at least two-thirds of all 650 MPs.
Today, Conservative rebels will join Labour MPs to put forward a bill designed to stop a no-deal Brexit. Former chancellor Philip Hammond has said that he will vote for the bill, stating that the national interest is more important than his career. If the motion is successful today, it will be introduced to the Commons tomorrow.
The pound sunk yesterday on poor manufacturing data, which reached a seven-year low. It fell to 47.4, firmly in contraction territory. Manufacturers are linking the slump to a weaker domestic and global economy, low market confidence and Brexit concerns.
