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 at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments 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 BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya