Government survives no confidence vote amid uncertainty over the path ahead
Labour leader snubs Theresa May’s offer to discuss alternative deal following the failure of the no confidence vote in parliament.
The British prime minister Theresa May has managed to weather the no confidence vote in her government on Wednesday evening, but the path ahead for Brexit looks unclear for the Conservative leader.
Following the vote, which May won 325 votes to 306 after her party and Democratic Unionist Party (DUP) MPs opted to support her, she invited Jeremy Corbyn and other opposition party leaders to hold urgent talks to draft a plan B Brexit deal.
‘I would like to ask the leaders of the parliamentary parties to meet with me individually, and I would like to start those meetings tonight,’ she said.
However, Corbyn snubbed the Conservative leader’s invitation to help draft an alternative EU exit strategy for the UK, telling May that she must scrap any plans for a no-deal Brexit.
Meanwhile, the Scottish National Party (SNP) leader Ian Blackford called for a second referendum to be put on the table before he would entertain May’s request of help in finding an alternative path for Brexit.
Plan B Brexit deadline looms large
It is no wonder that May is so eager to work across the aisle to thrash out a new Brexit deal, with the British prime minister having just five days before she must present an alternative plan to MPs in parliament.
Despite limited support for her original deal, the Conservative leader is adamant that she will not move on her red lines, including remaining a member of the EU customs union, which is a major point of contention for Tory Brexiteers.
Her unwillingness to budge on key aspects of her original deal makes it a challenge to create a palatable plan B that will garner the support she needs in parliament to leave the EU with a deal in place, espeically when her original Brexit deal suffered the largest defeat the House of Commons has seen since the 1920’s.
No-deal Brexit still a possibility
Despite suffering a historic defeat in parliament and opposition party leaders calling for the government to take a no-deal Brexit off the table, Downing Street said that such a scenario can not be ruled out.
‘We will leave the European Union, our preference is with a deal,’ a Downing Street spokesman said. And when asked if he is going to take a no-deal Brexit off the table spokesman said: ‘I am not.’
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
Trading around Brexit
Find out how the UK’s exit from the EU continues to affect traders, and discover:
- The unique opportunities in a ‘hard’ and ‘soft’ Brexit
- The markets you should be watching
- Everything that’s happened so far
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.