«Breaking News» Pound falls against the dollar after Speaker Bercow rules out third meaningful vote on Brexit deal

The pound fell against the dollar today after Speaker John Bercow ruled out a third meaningful vote on Theresa May's Brexit deal.

The sterling was down 0.66 per cent against the US dollar at 1.322 and 0.52 per cent lower versus the euro at 1.167.

John Bercow told the Commons today that another vote on Theresa May's EU withdrawal agreement cannot take place if the motion is substantially the same as last time.

Neil Wilson, chief market analyst at Markets.com, said the news was a 'big blow for the Government as it effectively closes off another vote this week unless Mrs May can pull a rabbit out of the hat.'

He added that any substantial changes to the deal seem unlikely ahead of the European Council meeting this week.

Speaker John Bercow addressing MPs in the House of Commons today where he has ruled out another vote on Theresa May's Brexit withdrawal agreement

But, Mr Wilson noted that the Government had already rowed back expectations for a third vote.

It comes amid reports indicated that Northern Ireland's Democratic Unionist Party, which is propping up Mrs May's minority government, and the European Research Group were unlikely to back the Prime Minister.

He added: 'The thing for traders in this kind of febrile atmosphere is that it's not abundantly clear what this means. Does it raise or lower the prospect of a no-deal?

'Does it make it more or less likely that an extension to Article 50 will be longer than the short three months? Tough times trading sterling right now.'

Mr Bercow told the Commons today: 'If the Government wishes to bring forward a new proposition that is neither the same or substantially the same as that disposed of by the House on March 12, that would be entirely in order.

'What the Government cannot legitimately do is resubmit to the House the same proposition or substantially the same proposition that was rejected by 149 votes'.

His 11th hour decision will infuriate No 10 who admitted that he had not warned them he was giving a statement - let alone what it was about - before dropping his Brexit bombshell this afternoon.

The PM learned the news at just after 3.30pm today and minutes later her spokesman said: 'The Speaker did not forewarn us of the content of his statement or the fact that he was making one. We were not given any advance warning he was going to say that.' 

But in more positive financial news the FTSE 100 was boosted by the weaker pound. 

London's top index closed 70.91 points, or 0.98 per cent, higher at 7,299.19 while Germany's DAX fell 0.25 per cent but France's CAC rose 0.14 per cent.

Connor Campbell, an analyst at the Spreadex trading group said: 'Thanks to the pound's shaky start, the FTSE was able to continue its recent rally.'

Link hienalouca.com

https://hienalouca.com/2019/03/18/pound-falls-against-the-dollar-after-speaker-bercow-rules-out-third-meaningful-vote-on-brexit-deal/
Main photo article The pound fell against the dollar today after Speaker John Bercow ruled out a third meaningful vote on Theresa May‘s Brexit deal.
The sterling was down 0.66 per cent against the US dollar at 1.322 and 0.52 per cent lower versus the euro at 1.167.
John Bercow told the Commons today that...

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