Just a catch up on the late Brexit news yesterday from UK Parliament
Lords voted convincingly in favour of a bill amendment that could push Theresa May into rethinking her position on leaving the customs union. The vote won with a strong 123 majority (348/225 votes), and was backed by 24 rebel Conservatives (although that was lower than some expectations of 50). The revised bill is not a direct customs union direction change but it could now require May to give Parliament an indepth explanation on exactly how much consideration the government gave to the issue of leaving/staying in the customs union. The amended bill will now go down to the Commons to be voted on there. If it passes there, that’s more trouble for May.
This process is all part and parcel of the way bills are processed in Parliament, so they can ping-ping between the houses until all sides are happy. Often , the Lords can vote against the government as a way of protesting and then they back down when the details are tinkered with.
The vote was expected to go against May so the market hasn’t really moved on it, and as I mentioned yesterday, it was the scale of the rebel count that would likely bring a reaction.
There’s many more twists and turns to come yet but this is one thing GBP traders need to keep half an eye on.