Sterling steadies after rollercoaster linked to Brexit debate

by Ben Pena October 15, 2016, 0:45

The Labour leader said the Government offers "no strategy for negotiating Brexit and offers no clarity, no transparency and no chance of scrutiny of the process for developing a strategy".

Connor Campbell, an analyst at Spreadex, said comments from Tusk and Sapin were contributing to the selling in the pound evident on Friday.

It comes amid growing cross-party pressure for MPs to be given a vote on the Brexit strategy before beginning the formal process of leaving.

"The Prime Minister says she won't give a running commentary".

"The only real alternative to a hard Brexit is no Brexit, even if today hardly anyone believes in such a possibility", he said on Thursday night.

But the Labour source described it as "one hell of a climbdown" and said the party had been sounding out Tory MPs who are "very unhappy" with the situation.

Mr Corbyn, i n his first PMQs since winning a second leadership election, turned to the words of Tory former chancellor Ken Clarke as he told Mrs May: "What he said was, in his own inimitable way, "The reason the pound keeps zooming south is that absolutely nobody has the faintest idea exactly what we're going to put in place".

Pro-Leave Conservative backbencher Stephen Phillips has also pressured the PM, insisting the use of prerogative powers to push a deal through without parliamentary approval would amount to "tyranny".

New Zealand MPs demand release of women in Gaza protest boat
The blockade has stifled the tiny state's weak economy but Israel insists it is necessary to prevent Hamas importing weapons. The airstrikes came after a rocket fired from Gaza landed in Sderot, an Israeli town near the northern boundary with Gaza.

The case is considered the most important constitutional matter in a generation: can Prime Minister Theresa May start negotiating Britain's exit from the European Union without an act of Parliament?

Open Britain, the new incarnation of the Stronger in Europe campaign group during the European Union referendum, said: "It is welcome that the government has conceded that there should be proper parliamentary scrutiny of their negotiating position before they trigger Article 50".

The government's amendment promising lawmakers a voice, if not a vote, on Brexit terms helped secure support for Labour's motion, which passed unopposed.

Ahead of the debate, the pair wrote to Brexit Secretary David Davis to call for a vote but also to stress they do not want to block Brexit.

"While we commend and welcome parliamentary scrutiny, it must not be used as a vehicle to undermine the government's negotiating position, or thwart the process of exit", Davis said.

"But what they didn't vote for was a particular type of Brexit".

"The prime minister has been very clear. that the British people have made their decision and we are now going to get on with that, with taking the United Kingdom out of the European Union and on making the most of the opportunities ahead", the spokeswoman said.

"Labour have argued that Parliament must have a say on the basic terms of the Brexit negotiations before Article 50 is triggered - not to frustrate the referendum result, but to ensure that there is rigour and accountability on this vital issue".

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