May Fights Back After Lords Defeat

U.K. Prime Minister Theresa May is fighting back against Brexit rebels in her ruling Conservative Party as she steps up her battle to start the formal process of pulling Britain out of the European Union.

The premier fired government adviser Michael Heseltine after he led a 13-strong revolt in the House of Lords, helping to inflict a second Brexit-bill defeat on May in a vote on Tuesday. The upper chamber rewrote May’s draft law to guarantee Parliament a “meaningful vote” on the outcome of exit talks, potentially vetoing any final agreement and stopping the premier walking away without a deal.

May’s team insisted they would seek to delete the changes made by unelected members of the upper house when the bill returns to the House of Commons, probably next week.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.