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Full Brexit Authority

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Full Brexit Authority

Britain's pound sterling fell sharply in early London trading after parliament voted to hand Prime Minister Theresa May the authority to begin formal exit procedures from the European Union.

Martin Baccardax

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Mar 14, 2017 4:44 AM EDT





Britain's pound sterling fell sharply Tuesday after parliament voted to hand Prime Minister Theresa May the authority to begin formal exit procedures from the European Union and Scotland's highest-ranking lawmaker vowed a second referendum on independence from London.

Despite speculation that May could rigger the Article 50 mechanism of the Treaty of Lisbon that would formally start the two-year process of leaving the EU as early as today, government officials are steering expectations towards the end of this month. However, the government insisted that its schedule was not affected by Scotland's First Minister, Nicola Sturgeon, who called for a second independence referendum Monday.

The pound fell 0.75% to an 8-week low of 1.2129 against the U.S. dollar by 08:30 GMT and looks set to test its Jan. 17 low of 1.2018.

Late Monday, lawmakers soundly rejected amendments to the so-called 'Brexit Bill' from the House of Lords, the unelected upper chamber of parliament, that called for a "meaningful" vote on the outcome of May's Brexit negotiations and the guarantee of rights for EU citizens already living and working in the United Kingdom.

Much of the focus from investors at this point, however, is not the timing of the Article 50 filing but the tone and nature of negotiations between London and Brussels and how that will impact whatever agreement is ultimately agreed.

The U.K. lawmaker charged with leading the Brexit process, David Davis, said Sunday that while the aim of the negotiations was "to get a good outcome" he and his colleagues were nonetheless looking at the possibility of ending with talks with no formal deal whatsoever.

https://www.thestreet.com/story/140...and-prime-minister-full-brexit-authority.html