UK Parliament to Vote to Stop No-Deal Brexit

U.K. lawmakers are set to vote on crucial legislation on whether to stop a no-deal Brexit. If passed, the legislation will force Prime Minister Boris Johnson to request a delay to the U.K.’s departure date from the EU if no deal is agreed before October 31.

Johnson, who became prime minister in July, had pledged that the U.K. would leave the EU by the Halloween deadline “come what may.” He has said that he would put forward a motion to hold a snap general election if the legislation passes on Wednesday.

The new vote comes after a crunch moment in parliament Tuesday when a majority of lawmakers backed a plan to take control of parliamentary business. This was seen as the first step in a bid to stop a potentially damaging no-deal Brexit, which was also a major blow for Johnson and his government.

A no-deal departure from the EU worries many members of parliament (MPs) on both sides of the “Remain” and “Leave” camps as it would mean an abrupt, overnight departure from the EU on October 31 with no transition period.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza