Prison » Pound Slides On Reports May To Delay Brexit Vote To Avoid “Huge Defeat”

December 10, 2018

Update (7:30 am ET): Though reports about the delay haven’t been confirmed, enough UK media outlets have reported on it to suggest that Tuesday’s meaningful vote on May’s Brexit plan will be delayed. Initial reports suggest the vote will be moved to next week.

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A spokesperson for Theresa May shocked investors on Monday when they insisted that Tuesday’s ‘meaningful vote’ on her ‘final’ Brexit plan would move ahead as planned, countering rumors that May had been planning to tell MPs that the vote would be cancelled during an ’emergency’ conference call. EU ministers have apparently stood by their position that the deal on the table is the only possible deal, and that negotiations would not be reopened.

All of this is happening against a backdrop that one might expect would be favorable for the pound and UK markets: As was widely expected, the ECJ formally ruled on Monday that Parliament could unilaterally cancel Brexit by voting to revoke Article 50, according to the Financial Times.


Mere minutes after reports about the spokesman’s comments hit the tape, Bloomberg reported that May has indeed called for Tuesday’s vote to be rescheduled because it is facing a “huge defeat” that could potentially destabilize her government. By rescheduling the vote, May will have time to return to the EU and try to “handbag” its leaders for a better deal, though they have insisted at every turn that the deal on the table is the “final” deal. On Monday, a spokeswoman for Jean Claude-Juncker insisted that “we won’t renegotiate.

Citing two sources, the BBC added that the word on the street is that the vote will be cancelled – though that has yet to be officially confirmed.

A reporter from Sky News…

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