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NewsBreak: UK Parliament Amendment Vote Ends Hope for Brexit Deal This Weekend

Published 10/19/2019, 09:58 AM
Updated 10/19/2019, 10:33 AM
© Reuters.

Investing.com - Members of Parliament voted to approve the Letwin amendment to Prime Minister Boris Johnson's Brexit deal on Saturday, which forces Johnson to seek another Brexit extension. That ends the Brexit deal hoped for the goverment for this weekend.

Members of the government left the House of Commons following the result of the vote as they no longer intend to participate in the vote on Boris Johnson's Brexit deal.

The Letwin amendment passed with 322 votes in favor and 306 against, giving the amendment a majority of 16. The amendment withholds approval of Johnson's deal until the legislation to enact it is passed.

Boris Johnson took to his feet following the vote saying: "the meaningful vote is now devoid of meaning". The government will bring the deal back to parliament on Monday.

Johnson is required by law to request an extension beyond the Oct. 31 date from the European Union, however he suggested in the House that he would not negotiate a delay with the EU, saying: "I will not negotiate a delay with the EU and neither does the law compel me to do so."

According to ITV's Paul Brand the PM will tell the EU to reject Parliament's request for a delay. Brand wrote on Twitter: "BREAKING: No 10 source “Parliament has voted to delay brexit yet again. The PM will not ask for an extension - he will tell EU leaders there should be no delays, they should reject Parliament's letter asking for a delay, and we should get Brexit done on 31 October”.

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Latest comments

gbpjpy is up. now for one week 1000 pip. 146 is the top
what happen to EUR/USD?
drop
bro nothing
what about gold and silver?
gold up
hey..what will be the impact on EURUSD. weather it will move up or down??
down of course
U.S. Hedge Funds are gonna' burn!!! Hope no one is counting on a pension!
Sure the volatility on gbp crosses will be impressing
There should never have been a referendum in the first place. Voters in the UK are as ignorant as voters in the US these days. The experiment of democracy has failed.
Oh won't a heavy handed dictator come save the UK from freedom.
Nope. Anarchy.
definite fall, there could be surprises, we'll see
Cool. Let's keep forcing more referendums until they vote the right way this time!
what will happen to the GBP?
collapse
yes thats true. last week 1000 pip gbpjpy. this is my favoruite devisas
He suggested ?!?!? Or He clearly stated ! Lol
so gold becomes the hedge again?
They aren't leaving the EU watch. This ****will get delayed forever.
just like the GREEK BAILOUT,  or like the CHINA tariffs (F1~Factor 1), now we have BREXIT (F2) to cause volatility ... Don't we love this market?  LOL
Recession on its way
worlds biggest commedy brexit story so many primineter changed blody politics at Britain
many people love brexit no deal more.
it will go again 1.19 level hahaha ... gbp ****** all buyers
will gbp collapse to 1.10?
I was wondering, about the "Stock Indices Futures - Investing.com" screen of this site, where the heading says "Real-Time Stock Indices Futures", WHY DOES THE LAST COLUMN HEADING say "Time" when all it shows is an outdated date "18/10"?  "18/10" is clearly not about time but means the 18th of October, and that was in the past! So how can it be 'real-time' if the timestamp is in the past? ---- Your fees to Investing.com are not well spent
There is no better comedy than Brittish politics... lol...
splitting image is nice brit comedy
Try watching the antics of the bafoon in the White House for a while.
anyone who thinks gbp is going up next week is going to be very upset. hope you guys closed out your gbp buy orders Friday.
it will gap down... SL is useless
Does it mean falling GBP?
absolutely
gbp-usd 1.20
many account will be wiped out..
Goes to show you sticking to your guns is the way to go. Sold calls one FXB and will be time to cash in next week.
it's hard to tell if this is all bad news. certainly the market partially priced in a deal this weekend so I would expect this to be negative, but the deal could still pass by the 31st. I would say first level of support is 1.28, then 1.26 is next.
deal priced in already.. now no deal it will go back to before
Any rejection IMHO would mean that the rejectors feel that the conditions are not yet right, in all respects to seal a steady move forward for all of the UK. They simply need more time to re-arrange the footing, solidify the base, work-up the top-ends, let the dominoes fall as they may. It's not a bad situation. It's an exercise in democracy and that's a good thing. --- See Standard Chartered Corporation (insurance biz), they opened a branch in Frankfurt for their non-UK biz, thereby moved a fraction of their labor and infrastructure assets outside of the UK, thus reducing the UK's GDP. --- There is a give and a take. --- It's like divorce: a divorce of attachments from pre-existing connections. It takes time, and the slow-moving British Parliament can't adapt that quickly. --- The following link is a good read: https://www.bloomberg.com/news/articles/2019-10-19/u-k-lawmakers-vote-to-delay-decision-on-johnson-s-brexit-deal?srnd=premium
GPB will decline by 200 pips and over against USD at the start of weekly session on Monday
Bad news for Sterling. It will fall in the very short term.
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