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Sterling struggles as threat of a no-deal Brexit grows

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Sterling struggles as threat of a no-deal Brexit grows

The move limits the time Johnson’s opponents have to prevent a disorderly Brexit. But it also increases the chances he will face a vote of no confidence and possibly an election.


The queen must approve the suspension. House of Commons Leader Jacob Rees-Mogg said on Thursday she did not question the government’s request to suspend parliament.

Johnson says he wants to renegotiate the terms of Britain’s exit from the EU, but he also says he’s willing to take the country out of the bloc in October without a deal.

He rejected accusations he was trying to prevent lawmakers from delaying Britain’s EU departure.

Most members of parliament oppose a no-deal Brexit and they still have some time to call a vote of no confidence, but Johnson is not bound by law to resign, which complicates things further, analysts say.

Parliament re-opens for business on Sept. 3, but will be prorogued — suspended — the following week until Oct. 14.

Sterling was down 0.1 per cent at 1.2196 dollar and down 0.2 per cent against the euro at 90.835 pence.

“This price action reflects concerns that the little time that remains for parliament to attempt to block a no-deal Brexit, will now be even shorter,” said Lee Hardman, currency analyst at MUFG.

The pound fell on Wednesday to a six-day low against the dollar and the euro. But the decline was moderate because most investors already thought a no-deal Brexit was the most likely outcome, judging by positioning data and derivatives pricing, analysts said.

 

Abdullahi Mohammed: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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