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Brexiteers plot coup against May

The soft-Brexit Chequers plan could be under threat from rebel Eurosceptic Tory MPs.

Greek stocks achieved the largest gain of more than 2 per cent in three weeks

The Eurosceptic European Research Group (ERG) is hatching up a plot to derail Prime Minister Theresa May’s Brexit plan.

Around 50 ERG members yesterday, 11 September openly discussed scenarios for how to “game the leadership election rules” to force May to stand down as prime minister. ERG chair Jacob Rees-Mogg has endorsed a report strongly opposing May’s Brexit plan and putting a case for a clean break from the European Union.

A contest for the Conservative Party leadership can only be triggered if May resigns or if 15 per cent (48) of Tory MPs write to the chair of the backbench 1922 Committee, demanding a vote of no confidence.

However, it is not all doom and gloom in the UK. The labour market data from the Office for National Statistics showed unemployment fell by 55,000 in the three months to July to 1.36 million and remained at a 43-year low of 4 per cent. Wages, excluding bonuses, rose by 2.9 per cent, which is faster than a year ago. Although pay is growing faster than inflation, real wages remain below their pre-financial-crisis level.

Meanwhile, Bank of England Governor Mark Carney will stay on until 2020. UK Chancellor of the Exchequer Philip Hammond has confirmed that Carney will continue to help “support continuity in the economy” in the months after Britain leaves the EU next year. He also said time was running out to secure a Brexit deal and suggested the government was committed to securing a deal with the EU before Britain leaves the bloc.

 

 

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