UK’s Labour party calls for second Brexit referendum

Labour leader Jeremy Corbyn has proposed a series of votes in Parliament that could spark a new national referendum

Corbyn proposes vote for new referendum Source: Bloomberg

The UK’s opposition party leader, Jeremy Corbyn has backed a plan that would open the door to a second European Union referendum.

Corbyn proposed a series of votes in Parliament for a no-deal Brexit, including a new national referendum.

If all goes well, Corbyn is likely to get a chance to put his plan to a vote in the House of Commons on Jan 29, joined by 10 other members of parliament who are also pushing for another plebiscite.

Corbyn said, ‘Our amendment will allow MPs to vote on options to end this Brexit deadlock and prevent the chaos of a No Deal,’

He said it was time for Labour’s alternative plan to shine, while keeping a public vote option open.

It comes after prime minister Theresa May’s deal was rejected by parliament last week resulting in May attempting to revise the agreement with the EU to win support.

On Monday, May called against a second referendum warning it would “damage social cohesion by undermining faith in democracy,” She said.

May warned a second vote would break the trust of the 17.4 million voters who backed leaving the EU.

May seeks alternative plan

May told her cabinet on Monday that she would focus on returning to Brussels to secure adjustments to her deal, saying she will meet with EU officials and try to work out changes to the controversial Irish backstop, despite Brussels remaining adamant that they will not renegotiate.

Analysts say, May could be at risk of losing control, with some MPs planning to present amendments that could force the prime minister into renegotiate her deal.

Sterling unaffected

IG market analyst Kyle Rodda says, despite the uncertainty, markets are still holding the belief that dysfunction will delay Brexit.

'The Sterling maintained its recent rally and the yield on UK 10 Year Gilts stayed above the 1.3 %. Markets still hold the belief that the political dysfunction will force an extension of Article 50 and a delay of Brexit; or even another referendum, with recent polling suggesting a victory to the Bremainers.in such an event.' Mr. Rodda said.

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.