We’re Out… or Not

29 March, 2019

Nakhil Mahra

Today was the day the UK was planning to leave the EU, but we are still no clearer as to what direction we are heading into. With many discussions had and no clear majority on a single option.

Another day, more Brexit confusion. After the announcement that Theresa May will be resigning if her deal is voted through to let someone else lead the UK through the second stage of negotiations, the hope was that we would finally see some clarity in this most uncertain of times. After an initial outpour of support, the result is pretty much the same. Still not enough support for her deal, the DUP still refusing to back the PM and the ERG refusing to budge. The outcome; we are as we were. 15 days away from the new deadline, 12th April and an accidental no deal still possible. All this meaning the Pound yesterday over a percent against both the Euro and the USD, the gains made only 48 hours ago now completely wiped out and the markets threatening to fall further.

There are further debates scheduled today, followed by another vote at 7 pm this evening, this time only on the withdrawal agreement. Due mainly because the speaker of the house, not allowing her to have a third meaningful vote without major changes to the deal. If the PM loses today’s vote, then we are certainly looking at a 12th April deadline to find a new way or the possibility of a longer-term extension. Today will be followed by more votes next week on the alternative options, the same options that had no majority earlier this week. The uncertainty seemingly never-ending.