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Hard defeat for Boris Johnson as rebel MPs take control

Published: Wednesday 04 September 2019

  • Boris Johnson defeated as opposition and Tory rebels take control
  • Negative data from the US

Boris Johnson defeated as opposition and Tory rebels take control

Opponents of a “no deal Brexit” last night dealt a blow to new UK Prime Minister Boris Johnson. The government was defeated by 328 votes to 301, the defeat leaves the course of Brexit unresolved, with possible outcomes still ranging from a turbulent ‘no-deal’ exit to abandoning the whole endeavour. Today, they will seek to pass a law forcing Mr Johnson to ask the EU to delay Brexit - for a third time - until January 31st unless he has a deal approved by parliament beforehand. Ahead of the vote, he said he would never accept another delay to Brexit beyond October 31st and has stated that he would call a snap general election which could come as early as October 14th. The opposition Labour party have said that they will not support an early election unless Mr Johnson took a no-deal Brexit off the table as they do not trust the Prime Minister to honour his pledge to hold an election before 31st October.  Sterling has rallied on the news as Mr Johnson now runs a minority government.
Negative data from the US

In the United States it was reported that manufacturing activity contracted for the first time in three years yesterday, falling to 49.1 against expected 51, which accounts for about 12% of the U.S. economy. Fifth straight monthly decline in the index.  The ISM said there had been “a notable decrease in business confidence,” adding that “trade remains the most significant issue, indicated by the strong contraction in new export orders.” This was the weakest level in 3 years and the US Dollar has traded lower.

Today’s data

This morning we await UK Service sector PMI’s however the focus will be on the UK parliament as events evolve.
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