20 OCT


Asset Allocation , Brexit , Topics

What happened on Saturday October the 19th?

What’s important?

The triggering of the Benn Act on Saturday reduces further the probability of a no deal Brexit on October the 31st as it is now up to the EU to decide whether or not it wants a no-deal Brexit in the coming days…

What happened on Saturday October the 19th?

The meaningful vote did not happen last Saturday. Instead of voting on the deal, MPs voted in favour of an amendment – called the Letwin’s amendment. This amendment withholds approval of the deal until the legislation to implement it has been passed.

PM Boris Johnson was thus forced by the Benn Act to send a letter asking the EU for a new delay. He sent the letter… but did not sign it! He also sent a second letter though, which he signed, saying that “a further extension would damage the interest of the UK and our EU partners”.

What’s next?

The PM now wants Members of Parliament to say a clear "yes" or "no" to the deal this Monday. It will be up to Speaker John Bercow to decide whether to allow the vote (as the same matter is not supposed to be debated twice by the Parliament). The government also plans to introduce the legislation to implement the Brexit deal - the Withdrawal Agreement Bill - required by the Letwin’s amendment during the coming session of the Commons.