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Brexit Latest: MPs Propose Plan to Wrest Control From May

Brexit Latest: MPs Propose Plan to Wrest Control From May

Martin Essex, MSTA, Analyst

Brexit: latest news and analysis:

  • Members of the Westminster Parliament have published a plan to wrest control of the Brexit process from UK Prime Minister Theresa May.
  • It would force a discussion in Parliament on March 20 to find a way forward that can command majority support.

New Brexit proposal

In yet another Brexit development, Members of Parliament from both Prime Minister Theresa May’s ruling Conservative Party and Opposition parties have tabled a proposal to enable the House of Commons to find a way forward that can command majority support.

It would overturn the usual rule that the Government controls what is discussed in Parliament and comes at a time when discussion is centering on whether the UK should ask for an extension of the March 29 Brexit deadline. Parliament is due to vote Thursday on seeking a last-minute delay, which would have to be agreed by all the other 27 EU members.

In a tweet, the BBC Political Editor Laura Kuenssberg wrote that the cross party-amendment, which would officially put MPs in charge of the Brexit process,might be harder fought through the day than the question of delay.

One of the amendment's signatories, MP Oliver Letwin, said that any indicative votes on Brexit alternatives following the March 20 discussion would take place in the week beginning March 25.

GBPUSD Price Chart, Five-Minute Timeframe (March 14, 2019)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

The proposal is one of four amendments selected by the House Speaker to the evening vote. The others call for a second Brexit referendum, for more time to find a way through the Brexit impasse and for Parliament to block May from bringing her plan back to the House for a third time. He did not choose one to allow a vote on ruling out a second referendum.

Sterling Outlook: GBPUSD, EURGBP Price Analysis and Brexit News

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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