Market Report 11/03/2019

By Karl Weinmann

Weekly Report News and Events impacting our economy.

EU Brexit Deal vote planned this Tuesday February 12. Barnier still unstirred by UK problem with UK Northern Ireland break up part of the agreement and Theresa May warned MPs a NO result will cause Years of uncertainty.

UK and EU Negotiators are still unable to agree about the UK boarder and customs policies delaying an ‘EU and UK politically binding agreement’ on the back stop and Ireland’s EU/UK land Boarder,

Andrea Leadsom U.K. Cabinet minister said according to reports in Bloomberg News there could be more Brexit exit deal voting in the future. Leadsom was astonished by Chief EU Negotiator Michel Barnier’s latest attempts to break the Brexit deadlock and claimed that renewing previous negations thrown out by May didn’t address the” UK split Up” part of the agreement.

Theresa May warned UK MPs at a government press conference on Friday rejecting the deal will lead to extreme uncertainty, causing months and years of arguing, and possibly reducing any chances of the UK withdrawing from the EU with a good deal.

The meaningful vote was postponing for a second time. The vote on Tuesday this week in the Houses of parliament was originally planned for February 27 weeks ago, but at that time confusion, Division and debating ‘no deal’ and a ‘second referendum’ indicated in the Commons the second meaningful vote would likely be voted down. The first meaningful vote on January 15, 2019, was rejected. This was also rescheduled on the 10th of December 2018 a day before it had been planning on December 11.

More time is still needed to negotiate the legally binding agreements between the UK and the EU as the PM’s negotiations are still not on par with the UK parliament. This pattern, the Brexit vote being decided once more where negotiations on both sides having fallen short again could lead global economies closer to recession as Brexit negotiations lead to greater uncertainty.

The Brexit Deal vote in the Commons will be on March 12, followed with two other votes during the week. On March 13 MPs vote whether to leave the EU with no deal, and on March14 the vote is whether to extend Article 50.

On February 27 when the Meaningful vote was postponed the UK MP’s had a night to consider the PMs decision about the three votes coming up this week. At that time there were still amendments to be voted in the Commons influencing the Brexit outcome. The following amendment vote results were as follows.

Labours Amendment instructs govt to negotiates for customs union EU and close alignment to single market. Yes 240    No 323 Defeated Majority 83. SNP: AMENDMENT This house disapproves of leaving EU without a deal, regardless of exit date

Yes 288 No 324 Majority 36 Defeated. Sammy Wilson Democratic Unionist party MP will not support Theresa Mays Brexit deal until the backstop time limited. The Cooper amendment Reiterates a the prime-minister’s commitment to let MPs Vote on whether to rule out No-Deal and delay Brexit if the Withdrawal agreement is rejected, Yes 502 No 20 majority 482

In the House of lords, a Labour amendment won defeating the UK government who must purse a free trade deal allowing the UK to stay in a Customs unions with the EU after Brexit.

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