Previously, the British Pound declined further from recent multi-month highs.
Last Thursday, Prime Minister of U.K. Boris Johnson also stated he would ask Parliament to vote for a sudden General Election on Monday.
The voting would happen on December 12. Moreover, it will introduce renewed uncertainty into sterling’s prospect.
The administration anticipates an election. They said it is the only way of breaking the Parliamentary deadlock.
This week, it has also seen the way of Brexit law stalled in the House of Commons after MPs voted down the government’s timetable.
Delivery of the timetable should happen to Brexit by the October 31 deadline.
Leader of the House Jacob Rees-Mogg proved in the Parliament that Monday’s vote would be under the terms of the Fixed Term Parliament Act.
In addition, they stipulated that for the Parliament to be liquified, an election was needed.
A reach of a two-thirds majority is needed for this to happen.
Earlier today, Johnson wrote to the leader of the opposition Jeremy Corbyn.
He indicated that he would give Parliament more time to support his Brexit contract but that lawmakers must back a December election.
In addition, “This Parliament has refused to make decisions. It cannot refuse to let the voters replace it with a new parliament that can make decisions,” he said to Corbyn.
Meanwhile, a currency strategist with Nomura, Jordan Rochester, stated, “It’s now all about how Jeremy Corbyn will respond.”
He also added, “Given it will be a vote on Monday under FTPA, it will require two-thirds of the House (434MPs). Therefore Corbyn’s response to the key as it won’t pass unless he agrees.”
Previously, Johnson held a “political Cabinet” meeting at 10 Downing Street. That is where discussions about the government’s strategy on delivering Brexit. Additionally, the request for holding a snap General Election also took place.
The decision to call for an election recommends Johnson is anticipating the European Union to grant a Brexit extension on January 31 imminently.
Key Points: US economy growth slowed to 1.6% in Q1, below the expected 2.4%. Consumer spending growth tapered, but business…
Key Points: Microsoft's რevenue surged to $61.9 billion, a 17% increase driven by robust sales in all business segments. Notable…
Key Points Ethereum is Trading below $3,180, under the 100-hourly SMA, indicating a cautious market trend despite the formation of…
Key Points Oil Prices rose, Brent crude oil reached $89.32 per barrel, up 2%, and WTI at $83.86, up 0.5%.…
Key Points GBP/USD is currently at 1.2502, impacted by UK-US economic turbulence and monetary policies. US Q1 GDP growth at…
Key Points: Despite global volatility, USD/INR is the least volatile major currency in FY 2023-24, supported by interbank USD sales…
This website uses cookies.