Prime Minister Theresa May met with opposition leader Jeremy Corbyn yesterday, in an attempt to break the Brexit deadlock. The talks were described as ‘constructive’, but were criticised by MPs in both parties. The pound strengthened due to expectations of a softer Brexit and the possibility of avoiding a no-deal.
Yesterday evening, a cross-party group of MPs pushed through legislation to stop a no-deal Brexit. They voted by a majority of one to force the Prime Minister to ask the EU for an extension and give Parliament the power to decide the length of the delay, in order to avoid a no-deal scenario. The bill will now go to the House of Lords, which is expected to approve it.
In economic news, Britain’s service sector contracted last month for the first time since the 2016 Brexit referendum. Markit reports blame the lack of new work, as corporate clients are hesitant to sign contracts due to ‘intense political uncertainty’. Services PMI was dragged down to 48.9, diving below the 50 mark, dipping into contraction territory.
