- MPs are drawing up plans to compel Boris Johnson to break his “do or die” pledge.
- Jeremy Corbyn tabling a motion of no confidence in the Government.
There are some news wires going around the block with reports in the Times and Telegraph addressing the concerns of a hard Brexit and Boris Johnson’s fragile setting as the new PM.
Firstly, the Times reports that MPs are drawing up plans to compel Boris Johnson to break his “do or die” pledge and force him to request an 11th-hour Brexit extension from the European Union.
A leaked strategy document reveals that Mr Johnson’s opponents believe they can thwart his plans to push through a no-deal Brexit and compel him to hold an election with Britain still in the European Union. They also intend to launch a campaign accusing the prime minister of driving through an illegitimate “scorched earth (no-deal) policy on the British people” that has no democratic mandate.
As for the Telegraph, their article explained that Labour MPs have been told to cancel all travel in early September in anticipation of Jeremy Corbyn tabling a motion of no confidence in the Government.
The Telegraph has learned that Labour has suspended the process known as “slipping” for two weeks, which allows Labour MPs to be absent for votes, in order to maximise the chances of toppling Boris Johnson’s administration.
The move appears to confirm that Labour will attempt to bring down the Government within days of MPs returning from their summer holidays, in order to provide enough time to try and block a no-deal Brexit.
FX implications
Headlines such as this do little to support Sterling on the knee-jerk but can be built up in the case for the bulls. GBP hit its lowest point since 2017 on Friday following poor economic data and the signs that a case for hard-Brexit are building are also weighing on the Pound.
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