Analysts at Danske Bank point out that the British Prime Minister Theresa May’s cabinet is due to meet this morning to discuss a proposal that could potentially limit the British Treasury’s tax raising powers should the divorce with the EU end without a deal.
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“It is as yet uncertain whether the proposal, which is an amendment to the Prime Minister’s own budget legislation, will be selected for a parliamentary vote, but the fact that the cabinet is considering this proposal highlights the weakness of Theresa May’s position within the government. Should the proposal turn into law, it would lower the risk of a no-deal Brexit, the latter being the preferred alternative for the Prime Minister herself should her Brexit deal not pass.”
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