Towards the end of yesterday afternoon, we learned that opposition parties had won a vote on the government being in contempt of Parliament by four votes. Soon after, MPs backed a motion that declared ministers were in contempt of Parliament over Brexit legal advice. The motion ordered the immediate publication of the document and seconds later, the Commons Leader, Andrea Leadsom, said the full legal advice will be published today.
Economic data was a little thin on the ground, but we did see construction PMI for November which increased to 53.4 in November from 53.2 the previous month. The reading was much better than the 52.5 the markets had been expecting and is the strongest pace of expansion in the construction sector since July. New order growth accelerated as client demand increased and job rate creation was the fastest it has been since December 2015.
It was another rollercoaster day for sterling which seems to be enjoying some intraday volatility of late. It is hitting levels and bouncing back from them, but we could well see it push through those levels and continue in that direction in the run-up to the meaningful vote. Today we have new car sales from November, as well as services PMI for the same month.
