Amplify Trading Global Markets Review - 21st October 2019

Amplify Trading Global Markets Review - 21st October 2019

Today's Highlights

  • UK Speaker of the House Bercow blocks "New Meaningful Vote" as "Chair cannot allow MPs to debate on the same matter"

  • Government still required to introduce and publish Withdrawal Bill today for first reading

  • Bercow ruling involves the vote on Withdrawal Bill to take place at its "second reading", that is tomorrow.

Macro Review

Boris Johnson's plan has gone out of the window today again. However, as early reports were suggesting, the Government was expecting Bercow to block today's meaningful vote as the Chair ruled " the matter has already been discussed by MPs". Although the Government is still required to introduce and publish the Withdrawal Bill tonight (estimated time is around 9. pm) the vote would only take place at its "second reading", likely to be tomorrow.

The good news is that the Government now appears to have the numbers to pass the latest deal agreed with the EU. The bad news is that by tomorrow Brexit deal second reading, the MPs will already be turning their attention to the various amendments. The amendments to pay particular attention to would be two:

1) Confirmatory referendum

2) Permanent and comprehensive UK-wide custom union

With the chances to approve the former remaining limited, there are good possibilities that the second amendment could receive the support of the DUP and get approved. This would basically make the current deal obsolete and likely convince the government to pull the Withdrawal bill and table a motion for a General Election. However, recent reports suggest that "Downing Street understanding is that the second reading motion cannot be amended or qualified in any way so it's straight yes/no vote". Given the recent MPs vote projections, this would be in fact hugely significant.

EU Close

If you missed the morning briefing from the desk click HERE

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