UK Commons votes with the HoL to try and block attempts to suspend parliament

Published date: 18/07/2019

One of the key worries which have hit GBP this week has been concerns that PM favourite Boris Johnson could use an attempt to suspend parliament over the 31st Oct in order to force through a no deal Brexit.  A move to effectively block this was voted on by the House of Lords last night, and this afternoon, the House of Commons have voted in favour of this also - winning by a majority of 41 votes. 

As such, this will no make it harder for the new PM to try and force through a no deal exit, with parliament having already shown the numbers against leaving the EU in this way.  

Earlier this morning, the EU's Barnier suggested that a new alternative could be discussed with regards to the Irish backstop, so along with the strong UK spending data this morning, one would have expected to see a stronger recovery in GBP.  

However, it seems old habits die hard and sellers ahead of 1.2500 have emerged in Cable, despite a sharp turn lower in EUR/GBP.  EUR/USD has also turned south, so this is proving to be yet another day when the USD wins out in the end!


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