Parliamentary vote on alternatives to Brexit

27 March, 2019

Grace Rae

Today rates are likely to continue to be volatile as Brexit developments remain unclear. As the PM’s deal has not been well received twice now, and as the Speaker has advised substantial changes be made to her deal before she can present it to the house again, the Commons will today vote on alternative options this evening at 19:00. The process is supposed to begin around 14:00 this afternoon, and the Speaker will announce which amendments he has selected for debate. After a long time spent debating the options, MP’s will be filling out a selection of paper ballots. Typically during these types of votes MPs are instructed to vote in line with their party but government ministers have indicated free votes are likely in this instance, so the results should reflect the true feeling in the house and could offer up a new route for government to take to move past the current Brexit deadlock.

Traders will be watching closely to see which alternatives gain majority favour (if any do at all) and what could be the next step as the Brexit saga continues. Will we have some resolution before the new Brexit date of April 12 or will the UK leave the EU without a deal?

Overnight New Zealand posted their latest interest rate decision which remained unchanged at 1.75% and this morning various speeches will take place from the ECB’s vice president and executive board members which could be worth noting, and at lunchtime the US post trade balance figures. With little out in the way of eco stats, it’s safe to say markets will be fully digesting the developments on the parliamentary votes and markets will be highly Brexit sentiment led.

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