Theresa May must rule out no-deal Brexit, top UK lawmakers say

There is mounting pressure on Theresa May to take a no-deal Brexit off the table by top government ministers in Westminster and growing calls from union leaders to extend the Article 50.

UK Prime Minister Theresa May Source: Bloomberg

There is increased pressure coming from Westminster for Theresa May to rule out a no-deal Brexit, with senior government ministers threatening to intervene or even resign in the hope she will ensure Britain doesn’t bail out of the EU without a deal.

The news comes after reports that as many as 20 government ministers have held a meeting to discuss how they can prevent a no-deal Brexit from happening on March 29, which has resulted in the British prime minister forced to face a series of interventions from members of her own cabinet.

No-deal Brexit a ‘betrayal’, says Chancellor

Chancellor Philip Hammond was among the most critical of a no-deal Brexit, with the senior minister going as far as to call leaving the EU without a deal in place a ‘betrayal’ of the 2016 referendum vote.

‘In the 2016 referendum a promise was made to the majority who voted for Brexit – that they were voting for a more prosperous future,’ Hammond said in a speech at Davos. ‘Not leaving would be seen as a betrayal of that referendum decision.’

‘But leaving without a deal would undermine our future prosperity and would equally represent a betrayal of the promises that were made,’ he added. ‘The only sustainable solution is a negotiated settlement with the EU.’

Meanwhile, the work and pensions secretary Amber Rudd took to BBC Newsnight to call on Conservative MPs to get a free vote to take a no-deal Brexit off the table.

‘At the moment there is a lot of change going on,’ Rudd said. ‘I have called for a free vote for the amendments on Tuesday, and we’ll see what position the government takes.’

Union leaders call for Article 50 extension

Not only is May having to face criticism from senior government ministers and rebel Conservative MPs, but the British prime minister is also facing heavy scrutiny from union leaders who are disappointed that she has not agreed to extend Article 50.

GMB leader Tim Roache has become the fourth union chief to call on May to extend the Brexit deadline beyond March 29, so that she is able to provide assurances that British workers jobs and working rights will not be eroded.

‘The current deal doesn’t cut it. It pleases no one,’ Roache said. ‘We need a permanent customs union, legally binding commitments to workers’ rights that can’t be ignored or ripped up by a future Tory government and a policy agenda that tackles the reasons people voted to leave in the first place.’

‘I asked for an extension to article 50 but sadly the prime minister did not agree,’ he added.

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

  • 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. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

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.


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.

This information/research prepared by IGA or IGA Group is intended for general circulation. 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 or 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. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Please see important Research Disclaimer.