//Theresa May has given a press conference in Egypt in which said the next “meaningful vote” on a deal with the EU would take place “by” the 12th of March, declined to say whether she would sack Cabinet members and other ministers if they voted against her, and declined to say whether she would delay Brexit beyond March 29th or embark on a No Deal Brexit if the deal is defeated again.
The EU itself, meanwhile, is apparently considering a delay all the way to 2021, according to three senior officials.
Business, however, appears to have finally decided that derailing or watering down Brexit must finally take a back seat to simply biting the bullet and getting on with things one way or another, with the Institute of Directors complaining that a delay now would only “drag out uncertainty”.
“Businesses have lost all faith in the political process and as those first in the firing line of No Deal they deserve to know more,” said Edwin Morgan, the IoD’s interim director.
“There appears to be little realistic chance of a deal being agreed and the necessary legislation getting through by March 29,” he added — urging the Prime Minister to be “absolutely clear ahead of time what the Government’s next steps would be if the vote [on her deal] failed again.”
Mrs May has suggested the next “meaningful vote” on her deal with the EU — which may end up coming back before MPs virtually or even entirely unchanged from the last time, when it suffered a historic defeat — could be delayed to March 12th, barely a couple of weeks before exit day.//
Meanwhile...
//Brexit Britain and America have today struck a deal on to protect the multi-trillion derivatives market after the UK leaves the European Union.
Today the Bank of England, the UK’s Financial Conduct Authority (FCA), and the US Commodity Futures Trading Commission (CFTC) announced an agreement designed to ensure “continuity of derivatives trading and clearing activities between the UK and US, after the UK’s withdrawal from the EU”.
As the statement itself says: “UK and US authorities are taking measures to ensure the UK’s withdrawal from the EU, in whatever form it takes, will not create regulatory uncertainty regarding derivatives market activity between the UK and US.
“These measures will help support financial stability and the sound functioning of financial markets. They also will give confidence to market participants about their ability to trade and manage risk through these markets.”
The Bank of England Governor, Mark Carney, has said: “Derivatives can seem far removed from the everyday concerns of households and businesses, but they are essential for everyone to save and invest with confidence.
This follows on from the UK agreeing with the EU measures to ensure that even after a No Deal Brexit, EU banks will be able to continue accessing clearing houses in London allowing banks to trade derivatives, with £60 trillion worth of trading activity set to continue.//