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Brexit: One step closer

May's cabinet victory is just the first, she now faces a big political battle to push the Brexit plan through parliament.

Brexit deal ends years of uncertainty, faces gruelling vote in Parliament

Britain’s Prime Minister Theresa May said her cabinet approved a provisional withdrawal deal from the EU yesterday, 14 November. Speaking at Downing Street May said she believed the draft deal was “the best that could be negotiated”.

The deal now needs UK Parliament to back it, an EU summit, the House of Commons and the European Parliament – in that order. There would be difficult days ahead, she added.

In economic data, UK inflation remained steady at 2.4% in October, despite analysts having forecasted a rise to 2.5%. The Consumer Price Index (CPI) figure comes a day after data that showed wages had risen by 3.2% – the fastest pace in nearly a decade.

In the US, the CPI rose at its fastest pace in nine months with higher cost of gas, rent and used cars cited for the uptick. Despite this, inflation excluding food and energy, the metric most used by the Federal Reserve (Fed) fell to 2.1 per cent in October.

The Italian government has re-submitted its draft 2019 budget to the European Commission. However, Italy failed to make any adjustments to the growth and deficit assumptions to the draft that was rejected for breaking European Union rules. It means a showdown with Brussels is almost inevitable.


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