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Sterling crashes to 18-month low on reported Brexit vote delay

The pound dropped to its lowest level since June 2017 today as media reports emerged prime minister Theresa May will delay a parliamentary vote on her Brexit deal.

There have been widespread reports the critical vote scheduled for tomorrow is going to be delayed with May scheduled to address MPs later this afternoon.

The pound fell to just below £1.27 against the US dollar at 12.30 after the BBC reported the vote was being pulled.

Sterling also extended its losses against the euro trading down 0.7 per cent at 90.18 pence which is the weakest it has been since early September.

Earlier today the European Court of Justice ruled the UK is free to unilaterally revoke the notification of its intention to withdraw from the EU.

It says this possibility exists for as long as the withdrawal agreement concluded between the EU and that member state has not entered into force or, if no such agreement has been concluded.

The judgment adds the revocation must be decided in accordance with national constitutional requirements.

This ruling potentially gives a boost to opponents of Britain’s decision to leave the EU who have campaigned for there to be a second referendum.

There has been speculation about whether May’s Brexit plan will be endorsed by parliament and the consequences of its failure for the government.

Over the weekend Brexit secretary Stephen Barclay said the vote will not be delayed and the government is set on winning it.



UK can revoke Brexit EU court rules

The UK is free to unilaterally revoke the notification of its intention to withdraw from the EU the European Court of Justice has ruled today.   An emergency judgment given a day before a critical vote in parliament on prime minister Theresa May’s Brexit deal says the UK can stop Brexit without consulting any other […]

Premier flows jump amid caution on ‘wait-and-see’ Brexit

Premier Asset Management has seen a 13 per cent increase in funds under management over the past year, but has warned that flows have slowed down as investors take a “wait-and-see” approach to Brexit. Assets stood at £6.9bn at the end of September, according to results released this morning, up from £6.1bn a year previously, […]

Brussels campaigns to be new home for finance firms fleeing Brexit

The Brussels region has made a bid to attract UK-based financial services companies concerned about their post-Brexit fate. Secretary of state for foreign trade at the region of Brussels, Cécile Jodogne, targeted a sales pitch to companies which need to work across EU borders: “Despite the UK and EU establishing in principle, a withdrawal agreement, […]

AJ Bell shares jump 25% on IPO

Investment platform provider AJ Bell’s shares have jumped 25 per cent after listing on the London Stock Exchange this morning. The price per ordinary share was set at 160 pence, making the firm’s market capitalisation approximately £651m at the beginning of conditional trading. By 8.30am shares had hit 205 pence. The Manchester-based company is floating 108,264,032 ordinary shares, […]


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