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Rabobank analysts note that the UK Prime Minister Johnson has asked the Queen to suspend Parliament and while it was an explosive move, confrontation between Johnson and Parliament has always been inevitable.

Key Quotes

“The EU has been betting on the UK parliament to intervene, but the window has narrowed.”

“The risk of a no-deal Brexit is obviously rising, but secondary to the risk of a general election.”

“We expect Article 50 to be extended once more, one way or another. This will require cross-party cooperation. The prorogation may have provided MPs with a uniting cause.”

“The general election will be a stand-off between Remain and Leave.”