Brexit Update – What’s next?
In This Article:
The Latest
British Prime Minister Boris Johnson delivered a blow to the Pro-Remainers on Wednesday.
Johnson announced that he had requested for the Queen to suspend Parliament from 10th September to 13th October, the day prior to the Queen’s speech.
The move came ahead of Parliamentary MPs returning from the summer recess on Tuesday, 3rd September.
It’s not the first time that Parliament has been shut down ahead of the Queen’s speech, but it may be considered the most controversial.
The UK Parliament has ultimately failed to deliver on Britain’s decision, by a majority electorate, to leave the EU.
After countless extensions, the current departure date for Brexit remains the 31st October and Johnson is not planning on failing.
One issue the British PM may face, however, is hostility from Tory Party backbenchers and opposition party MPs.
There is a distinct possibility of a call for a vote of no confidence within just a matter of days of MPs returning to Office. Much will depend on whether the Speaker of the House finds an opening for the House of Commons to consider such a motion. The Speaker will have less than a working week to give MPs the opportunity to oust Johnson.
There is a second possibility for the markets to also consider. MPs had looked to block Johnson’s attempt at suspending Parliament via Scotland’s Court of Session. In response to Wednesday’s announcement, the Pro-Remainers failed to block Johnson’s move ahead of a full hearing on Tuesday.
If the markets thought that Parliament was in shambles ahead of the summer recess, they may have just realized that things could go from bad to worse…
The Court of Session
First up will likely be the full hearing at Scotland’s Court of Session on Tuesday. The judge will hear arguments from both sides and deliver a judgment on Wednesday.
Interestingly, the Pro-Remain MPs went to the Scottish courts to attempt to block Johnson’s suspension of Parliament. A judgment in favor of the Pro-Remain MPs would not just be a bad outcome for the British Prime Minister, but also for the Queen of England.
Ultimately, the judgment would indicate that the Queen’s approval to suspend Parliament was, in fact, unlawful.
For Johnson, a judgment against him would also significantly increase the probability of a vote of no confidence ahead of the 31st October. For the Pound, however, such a ruling would deliver some degree of support.
Vote of no-Confidence
In the event of a judgment in favor of Johnson, the House of Commons will have a matter of days to deliver a vote of no confidence.