CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Theresa May pulls Brexit vote in parliament amid fears of defeat

The UK Prime Minister has cancelled the planned Brexit vote originally scheduled to take place in parliament on Tuesday, as aides warn May that her deal would be defeated if she went ahead.

IG Analyst

Publication date : 2019-06-03T15:26:06+0100

UK Prime Minister Theresa May

Source: Bloomberg

Theresa May has chosen to terminate her planned Brexit vote before the House of Commons, which was originally scheduled to take place on Tuesday, after several chief aides warned that her deal would suffer a devastating defeat.

On Monday morning, Downing Street attempted to quell rumours of May’s decision to abort her planned Brexit vote in parliament, stating that the proceedings would go ahead ‘as planned’ only for the prime minister to announce her plan to postpone the vote.

Pound tumbles as May bails on Brexit vote

Shortly after May announced she will pull the Brexit vote in parliament, the pound fell 0.5% against the dollar to $1.2661 - hitting an 18-month low.

The pound also saw its position against the euro eroded further, with it falling to €1.1074 – representing its lower level since September.

Corbyn renews calls of ‘no confidence’ in May

Labour opposition leader Jeremy Corbyn took to social media after May announced she will delay the Brexit vote in the House of Commons, calling her Brexit deal ‘so disastrous’ that the government was forced to take the ‘desperate step of delaying its own vote at the eleventh hour’.

‘We have don’t have a functioning government,’ he tweeted. ‘While Theresa May continues to botch Brexit, our public services are at breaking pint and our communities suffer from dire under-investment.’

‘Labour’s alternative plan for a jobs first deal must take centre stage in any future talks with Brussels,’ he added.

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