Market Report 25/02/2019

By Karl Weinmann

Weekly Report;
News and Events impacting our economy.

 Brexit Negotiators work on

New Text last week while the two biggest UK political parties split over ‘anti-EU and anti-Semite – far right’ pressure from Conservative and Labour MPs supporting a No Deal.

Junker met with May in Brussels during the week to find an EU withdrawal agreement compromise.  A new deal compromise could get the withdrawal agreement through UK’s parliament in time.

On Wednesday, reports that good progress in a new text will lead to a new Brexit accord. The Spanish Foreign Minister Josep Borrell described that a new agreement in the new text had already made progress and could be ready very soon. However, May’s persistence in Brussels was eclipsed by Labour and Conservative far right wing No deal Brexit pleasure. ‘May Deal’ supporters and supporter of a ‘Brexit People’s Vote’ formed a new independent group, and on Monday seven Labour MP resigned from the Labour Party.

Labour and Conservative MP’s started splitting when a self-styled “New independent Group” of seven Labour MP’s resigned from the Labour party, appealing to all UK MPs to join them. Luciana Berger said she was embarrassed and ashamed to be a member of the Labour Party.

Luciana’s core values of equality, opportunity, anti-racism and social justice for all hasn’t changed but these values have been violated and attacked because the Labour Party cannot put their constituents and the country before party interests, adding that the Labour Party has become institutionally anti-Semitic, leaving behind a culture of bullying, bigotry and intimidation.

Chris Leslie says the Labour Party has been highjacked by the Machine politics of the hard left. And British politics is now broken. Lesley says, “the Independent group cannot let the Labour party leader become the Prime Minister” and “enough is enough, there must be a better way forward.” Gavin Shuker says the parties of government have turned their back on the British public, their hopes and ambitions.

Ann Coffey says, “Any criticism of the Labour leadership is responded to with abuse and accusation of treachery” and says, “anti-Semitism is rife and tolerated.” Mike Gapes says “I am sickened that Labour is now a racist and anti-Semitic party. A Corbyn Labour government would threaten our national security and international alliances.” He also said “Fundamental change is needed, and the established parties are simply not up to this chanllege. They can’t be because they have become the problem, deeply divided, failing to fulfil their duties putting their parties interested before the national interests. It is time we dumped this country’s old-fashioned politics and create an alternative that does justice to who we are today and give the country a poetess fit for the here and now the 21st century not the last one.”

On Tuesday, February 26 GBP UK Inflation Report Hearings, UK MP Theresa May Speech and ECB’s Mersch speech will be anticipated by Financial Market Traders and US FED Chair Powel Testifies on Tuesday and Wednesday. When FED’s Chair Jerome Powell Testifies before congress he talks about the economy and the US Monetary Policies.

Also, on Wednesday the UK Parliament vote on Brexit.

On Thursday FED’s Chair Powell Speech.

On Friday Italian, French, German, EU, GBP and US PMI data is Released.

Chuka Umunna invites other MPs to leave their parties and help them forge a new consensus on a way forward for Britain and said, “The bottom line is this politics is broken, it doesn’t have to be this way, let’s change it.” Angela Smith also resigned from the Labour Party with the Independent Group.

On Tuesday Joan Ryan made it eight Labour MPs to resign stating that Corbyn’s party was “infected with the scourge of anti-Jewish racism.”

On Wednesday three Conservative MP’s left their party joining up with The New Independent Group.

Anna Soubry described a mutual problem with some of her X-party members. The problem being “the anti-EU Wing of the party” and that these are “The right wing, the hard-line anti EU awkward squad that have destroyed every leader for the last forty years now running the conservative party from top to toe, and they are the conservative party”.

The problem she has along with other long-standing Conservative members that are staying and fighting for their party, and who told Anna that this is what she should do, “stay and fight.” But she didn’t, she resigned.  “As a barrister” she says she is predisposed to the evidence and said, “It is on the evidence that I say the Conservative party is in the state it’s in and I suggest that the evidence is over whelming.”

Anna stated when speaking after quitting the Conservative Party in a press conference. They are still her dear friends and her former colleagues but share ‘One Nation Values and Principles’ and would deny it.

Heidi Allen criticised May’s government needing six secretaries for the department for work and pensions in three years and who joined the Conservative Party to be part of David Cameron’s party she believed then was a party of competence and compassion. Heidi said she’s done with Tories. Heidi joining the New Independent Group made of eleven MP’s added they have 115,000 followers since last Wednesday.

Doctor Sarah Wollaston was sad to have no other choice but to leave the Tories, unable to encourage others to join Conservative. Sarah said “The Prime Minister simply hasn’t delivered on the pledge she made on the steps of Downing Street to tackle the burning injustices in our society ”, Sarah appealed to the Prime Minister “Please change your mind Prime Minister”, she said “this is not a binary choice between no deal and a poor deal, there is a third way” and said “that third way is to hand that decision back to the people.”

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