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Market Overview
What is the Next Step in Brexit?
Reuters announced over the weekend that the Brexit date could be pushed back “by a couple of extra weeks.” This statement comes to light just before Parliament is scheduled to vote on Theresa May’s Plan B tomorrow.
The extension will give lawmakers time to approve legislation, said the leader of the Commons, Andrea Leadsom. But how will the voting go on Plan B tomorrow, after May’s first Brexit plan was voted down by 432 votes to 202 votes in favour?
The main difference between Plan A and Plan B is to the Irish backstop. According to The Guardian, these changes could give May a narrow win. If the win does not pan out, Parliament could take the lead away from government, and come up with their own definition of Brexit. Other alternative plans could be an extension of article 50 – which is what Leadsom points to - a second referendum or a soft Brexit.
Before the vote, Parliament will talk and see what changes can be made to the plan in order for it to be accepted by the majority. If this all works out, May could head back to Brussels and discuss the changes there.
This back and forth could ultimately end with yet another vote in parliament on a revised deal.
The exact time of the vote has not yet been announced, but whatever time it may be, all eyes will be on the British parliament and all ears will be twitching to hear the result. These results may have an effect on the world economy, interest rates and the Pound.
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