- Posted by currencies in Rate Alerts
- September 4, 2019
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Boris Johnson will try to call a snap election today after lawmakers seeking to prevent him taking Britain out of the European Union without a divorce deal dealt him a humbling parliamentary defeat.
Parliament’s move leaves Brexit up in the air, with possible outcomes ranging from a turbulent no-deal exit to abandoning the whole thing – both outcomes would be unacceptable to millions of the United Kingdom’s voters.
An alliance of opposition lawmakers backed by 21 rebels from Johnson’s Conservative Party defeated the government on Tuesday on a motion allowing them to try to pass a law which would force a three-month extension to Britain’s EU exit date.
Johnson cast the rebellion as an attempt to surrender to the EU, vowed never to delay Brexit beyond Oct. 31 and said the country needed an election. The government has scheduled a vote on an election for about 1800 GMT today.
But opposition parties and rebels in his own party said they would not allow a no-deal Brexit to be “smuggled” through under the cover of an election.
“We’re not going to dance to his tune,” said Keir Starmer, the opposition Labour Party’s point man on Brexit. “It’s obvious what he’s up to. He wants to intercept this bill having lost control of parliament and stop us finishing the task in hand.
“We’re not going to vote with Boris Johnson today to deprive ourselves of the opportunity to complete the business that we’ve just seized control of the house to do,” he said.
Johnson has promised to lead the United Kingdom out of the European Union on Oct. 31 with or without a deal, raising fears that he could catapult the world’s fifth largest economy into an abrupt departure from the bloc without agreement on how to handle everything from food regulations to car component imports.
The showdown between prime minister and parliament continues today with an array of events planned to include a vote on the attempt to block no deal, a vote on Johnson’s election bid and weekly questions to the prime minister.
An election would open up three main options: a Brexit-supporting government under Johnson, a Labour government led by veteran socialist Jeremy Corbyn or a hung parliament that could lead to a coalition or minority government of some kind.
In a sign of just how far Brexit has distorted British politics, Johnson’s Conservatives vowed to expel the 21 rebels – including the grandson of Britain’s World War Two leader Winston Churchill and two former finance ministers – from the party. Johnson also lost his working majority in parliament.
GBP/EUR 1.1044 GBP/USD 1.2140 GBP/AED 4.4509
GBP/AUD 1.7903 GBP/CHF 1.1984 GBP/CAD 1.6174
GBP/NZD 1.9121 EUR/USD 1.0981 GBP/ZAR 18.045