British MPs demand ‘Plan B’ for Brexit, UK stocks remain resilient

Several pro-EU members of parliament have piled the pressure on Theresa May to draft a back-up plan for Brexit in the increasingly likely event that her deal is voted down next week.

UK Prime Minister Theresa May Source: Bloomberg

UK prime minister Theresa May has been told to go back to the drawing board and draft a back-up plan for Brexit ahead of parliamentary vote next week on her deal.

MPs from her own Conservative party and opposing Labour party put forward a motion in the House of Commons on Wednesday demanding that May provide a plan B for Brexit in the next three days rather than the original 21 days, so that alternatives can be considered ahead of the vote on Tuesday 15.

Piling on the pressure

By reducing the timetable for May’s government to draft alternatives to her existing withdrawal agreement with the EU, pressure is mounting on the prime minister, who is already expected to have her deal voted down by MPs in parliament next week.

‘If the prime minister’s Brexit deal is rejected, parliament must decide what happens next,’ ‘Labour’s Brexit policy chief Keir Starmer said.

‘This amendment has Labour’s full support,’ he added.

UK stocks calibrate to the new normal

Despite little clarity on Brexit, UK stocks have weathered today’s news well, with investors seemingly adjusting to a new normal.

The FTSE 100 rallied by as much 76 points in the early afternoon on Wednesday, rising by 1%, only to slide a little later, with hovering at 6926 levels as of 3:05pm GMT.

Mid-market companies have once again beat their blue-chip counterparts, with the FTSE 250 climbing more than 1% for the third consecutive time this week.

Global fashion retailer Ted Baker and IT infrastructure and services provider Softcat helped drag the index higher on Wednesday, with the former rising as much as 21% after publishing strong Christmas sales growth and the latter seeing its stock up 19%.

See an opportunity to trade?

Go long or short on more than 15,000 markets with IG.

Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.

Related articles

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.