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Brexit: May loses again, what’s next?

Theresa May could face a difficult choice following a second round of indicative votes in Parliament today.

Fears of no-deal Brexit rock Pound, again

An alternative approach is now required to avoid a no-deal Brexit on 12 April as Theresa May lost a third vote on her Brexit withdrawal agreement last Friday, 29 March. Despite trimming the margin of defeat, 344 Members of Parliament against 286 rejected her Brexit deal.

Today, MPs will hold a second round of indicative votes on up to eight possible Brexit outcomes. May will then discuss the results with her cabinet tomorrow morning.

No majority was achieved during the first round on 27 March, but keeping a customs union with the European Union and a second referendum did gain the most votes. The UK Prime Minister has previously stated that she is not obliged to accept the result of the indicative votes.

Apart from Brexit, we will keep an eye on business confidence data from the EU, UK and US manufacturing sectors. Concerns over slowing global growth and Brexit have recently weighed heavily on factories across the Eurozone, so a further slip could cause volatility for the Euro.

Also this morning, the Eurozone will release its inflation data, which is expected to show a further slowdown in price increases in March, which fell from 1 per cent to 0.9 per cent in February, far below the European Central Bank’s (ECB) 2 per cent target rate. The further slowdown is likely to fuel the prospects of the ECB’s fresh quantitative easing measures in addition to the longer-term refinancing options introduced last month.

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