PM May wins Confidence Vote with only a majority of 19 (325-306)

Prime Minister May was widely expected to win today’s no confidence vote as the conservative party does not want to risk losing power in a general election. The margin of victory was only 19 and highlights the Prime Minister problem that she cannot control a majority in the House of Commons.

The next step for PM May is to create a Plan B before the Monday night deadline.  Cross party talks are expected as May immediately invited rival party leaders after the voting results. Labour Party leader Jeremy Corbyn demanded the government remove no-deal prospect before talks.

Current expectations are that a no-deal Brexit is less likely and that we may see Article 50 eventually extended.

Cable spiked over 20 pips following the result to 1.2881, but is little changed for the day.

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Ed Moya

Ed Moya

Senior Market Analyst, The Americas at OANDA
With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
Ed Moya