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Brexit Series: UK parliament takes Brexit control from Prime Minister May by breaking gridlock

As it became clear that the UK parliament wouldn’t vote in favor of any of the Prime Minister Theresa May’s Brexit agreements with the European Union, the UK parliament passed an amendment to take control of the Brexit process.

  • Last night, Prime Minister May reportedly offered to resign from her post should the parliament back on of her Brexit agreements. However, she conceded defeat and backed away from the third voting on one of her Brexit agreements, as it was clear that she doesn’t have enough support.
  • Several amendments failed last night. An amendment, seeking parliamentary approval for a no-deal Brexit should one be looming once the deadline expires on April 12th, and with an option to delay the separation still further in an effort to negotiate around the impasse was rejected 314 to 311.
  • However, an amendment was passed that opens indicative voting this week on the finer details of the Brexit agreement, which Mrs. May tried to prevent. The amendment was passed by 329 to 302.

On the other hand, the European Union released a statement announcing EU’s completion of preparations for a no-deal Brexit, once the deadline ends on April 12th. You can read the full statement here, http://europa.eu/rapid/press-release_IP-19-1813_en.htm

The pound is likely to remain volatile throughout the week as indicative votes take place. The pound is currently trading at 1.318 against the USD.

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