Labour says it “will back election once no deal is ruled out” – ITV

The Brexit headlines are rolling in thick and fast following another day of UK Parliament and upon news that PM Boris Johnson has called for an election in December.  

Paul Brand of ITV reports that Labour says that it “will back an election once no deal is ruled out”, explaining that this is no change in Labour’s position and that it is still very unclear that the PM can get the election he wants.  

UK Commons leader, Rees-Mogg, is willing to start work on the Brexit bill scrutiny tomorrow…

A snap election on December 12 called

A snap election on December 12 had been called with Johnson saying,  “Parliament can study the Brexit bill before a dissolution, adding, “To create a credible deadline there must be a hard stop of an election. It would be morally incredible for Labour to refuse to back an election.”

FX implications:

Volatility is rife through the Sterling crosses, GBP has been as high as the 1.30 handle in the last days but has come off to test back below the 1.28 handle again as UK politics remains up in the air. The market can get back to basics on the GBP once a deal is done, but until then more of the same volatility should be expected.