UK: Politics at the forefront – Danske Bank

Kristoffer Kjær Lomholt, senior analyst at Danske Bank, points out that in the UK, late yesterday evening, the UK House of Commons narrowly backed a bill to stop a nodeal exit by 313 votes to 312.

Key Quotes

“The legislation was opposed by May and the Conservative group of hard brexiteers who want a clean break with the EU on 12 April. The bill will now move to the upper chamber of Parliament to be completed today.”

“The vote followed the kick-off of historical cross-party negotiations between May and Corbyn that has infuriated many pro-Brexit Conservatives and which yesterday led to the resignation of two ministers.”

“Both parties stated the initial talks were “constructive” yet also “inconclusive”. Both sides are preparing for a full day of negotiations today. A key topic will be that of the customs union, which the Labour Party would like but which in many ways invalidates the arguments of a Brexit in the first place, see this FT article on the pros and cons of a customs union.”