May’s UK play in disarray

Developments with Theresa May and Brexit suggest a growing degree  of disarray in the UK.

RNZ: British PM Theresa May pulls vote on Brexit deal

British Prime Minister Theresa May has postponed a crucial parliamentary vote on her Brexit deal because she said it “would be rejected by a significant margin”.

She said MPs backed much of the deal she has struck with the EU but there was concern over the Northern Ireland backstop plan.

Mrs May said she believed she could still get the deal through if she addressed MPs’ concerns and that what she intended to do in the next few days.

However, Speaker John Bercow – who chairs debates in the House of Commons – called on the government to give MPs a vote on whether Tuesday’s vote should be cancelled, saying it was the “right and obvious” thing to do given how angry some MPs were about the cancellation.

Labour leader Jeremy Corbyn said the government was in “complete chaos” and urged Mrs May to stand down.

The pound fell sharply in response to the reports earlier of a likely delay.

The deputy leader of the DUP – the Northern Ireland party whose backing Theresa May needs to win key votes – Nigel Dodds, said the situation was “quite frankly a bit of a shambles” and the PM was paying the price for crossing her “red lines” when it came to Northern Ireland.

And it appears to be affecting more than the UK:  Dow slides 500 points on Brexit drama, bank selloff

Brexit chaos and sinking bank stocks are combining to deal the stock market another blow.

The Dow fell 500 points, or 1.9%, on Monday. The index tumbled below the 24,000 level. The S&P 500 retreated 1.7%, while the Nasdaq lost 1%.

US stocks hit session lows after Prime Minister Theresa May said she would delay a crucial vote on her Brexit deal. The British pound extended its losses, plunging 1.6% against the US dollar. Sterling is on track for its worst close since April 2017.

“We seem to have taken a turn for the worse because of the Brexit news,” said Mark Luschini, chief investment strategist at Janney Capital. “Any news that isn’t good is immediately treated as terrible.”

The Brexit chaos reinforces one of Wall Street’s biggest fears: slowing global growth. Germany and Japan are already in economic contraction, while China’s economy has suffered from a wave of tariffs.

 

 

16 Comments

  1. Ray

     /  December 11, 2018

    I read the headlines (disarray, share market down) and then heard her speech, which shorter version said ” For fucks sake make up your minds and be honest!”
    Which I feel is the problem, those who want out have definitely avoided being honest while Labour have not been prepared to put up an alternative plan at all.
    A plague on all their houses!

    • David

       /  December 11, 2018

      May would have to be the worst negotiator of all time and now she is to be trusted after 2 years of negotiations to go back and re open them with her opening plea in parliament that this is the the best deal on offer from the EU.
      The Brexit vote was pretty clear but its not the outcome the elite wanted and like Trump being elected these people arnt used to not getting what they want and are a bit surprised and confused as to how it happened because they live in a priviliged bubble.

      • Missy

         /  December 11, 2018

        Quite true. But to be a little fair to May she has been undermined by those actively working with the EU and other foreign interests to undermine the vote and overturn Brexit.

    • Missy

       /  December 11, 2018

      In what way do you think the Leave voters haven’t been honest? I am really interested to know if you are buying into the remain propaganda or have done your own research.

      Also, the remain side have hardly been honest, neither during the referendum campaign nor since – especially since.

    • Ray

       /  December 11, 2018

      @JasonCowleyNS: The Economist awards its idiot of the year to Boris Johnson: “He failed miserably as foreign secretary … a demagogue not a statesman, he is the most irresponsible politician the country has seen for many years.”

      • Missy

         /  December 11, 2018

        Is that in response to my post, or aren’t you able to say how 17.4million Leave voters have been dishonest?

        If it is in response to my question to you, can you explain how it answers my question, all it says is the Economist thinks Boris Johnson is an irresponsible politician, it says nothing about how Leave voters (ie: those that want to leave the EU) have been dishonest.

      • David

         /  December 11, 2018

        As a former 22 year subscriber to The Economist their veering to a lefty elitist globalist agenda and away from their evidence/fact based position was very sad.
        Some of their stuff is brilliant but a lot is now sadly anti Brexit, anti Trump, anti borders etc etc as a reflex position so hating on Boris is no surprise.

        • Alan Wilkinson

           /  December 11, 2018

          Exactly. Most of the Economist I’ve seen is now a waste of space given over to Lefty ranting and politicking.

  2. Patzcuaro

     /  December 11, 2018
  3. Missy

     /  December 11, 2018

    This sums up how most people against the withdrawal agreement feel.

    If there was some limitation, end date, or ability for the UK to unilaterally withdraw from the backstop then I believe the withdrawal agreement would pass.

    The failure of the EU to not understand this shows their arrogance, and has the potential to force the UK into leaving with no withdrawal agreement (which means no money for the EU – something they have not thought of).

    Leo Varadkar is the main leader against any changes to the withdrawal agreement, and this is unsurprising. I believe he will be the holdout on any deal therefore forcing the UK into the backstop, meaning the UK cannot leave the Customs Union and Single Market without the EU agreeing – and Ireland won’t agree. Varadkar has made it clear from the start that he wants the UK to remain in the Customs Union and Single Market and he will do everything he can to stop them leaving both. However, he may find that his stubbornness means the UK does not ratify the agreement, and leaves without the agreement in place. It was reported several weeks ago that some EU leaders were worried that the UK wouldn’t agree the withdrawal agreement and that they blamed Ireland for that, and feel that Varadkar has overplayed his hand.

    • David

       /  December 11, 2018

      It is quite a ridiculous deal and the Irish angle perhaps is the reason why May says its the best deal the UK will ever get. Mays problem, aside from being a remainer as well as a very poor decision maker, is she agreed to paying the cash at the start of the negotiations on the EU,s insistence where she should have started off the negotiations by saying give us a trade deal and we will pony up for our obligations.
      The EU can negotiate with little care as to the outcome except what suits a Brussels agenda and cares little for the position of individual states because the democratic link has been broken. The EU decision makers never have to front a constituent and gain their vote and they never negotiate in good faith as there is no downside for them.
      May should have immediately starting to prepare for “no deal” and started substantial talks for FTA,s and talked up unleashing Britain after escaping stultifying EU regulations and she could have scared the EU into negotiating properly.
      She has a trade deficit with the EU of 93 billion quid each year and 39 billion in cash for them and she runs the 5th biggest economy in the world and she is negotiating against Germany which took 6 months to sort a government, France which is on fire, Italy which is anti EU and heading for disaster, Spain and Greece with its huge unemployment and being broke, Austria which is putting up walls, Denmark that is interring immigrants on offshore islands, Sweden the rape capital that is struggling to form a government and various eastern europe countries that the EU is constantly seeking to punish for making their own decisions. She should be triumphant with the Tories soaring in the polls and looking forward to a bright future.

      • Alan Wilkinson

         /  December 11, 2018

        Probably needs to play hardball with Varadka and tell him the UK doesn’t care what happens at his border and he’ll have to manage the consequences himself but the UK won’t be policing it except to keep arseholes out.

        • David

           /  December 11, 2018

          She needed to scare the shit out of BMW, Mercedes, Bordeaux wine growers, parma ham makers etc.and the Spanish tourism industry then she may have got the EU people focused. She could have taken Trumps invitation to do a trade deal.
          Negotiations are all about leverage and she chose to not use hers at all, I have never seen anything like it.

  4. phantom snowflake

     /  December 11, 2018

    Andy Serkis recreates Gollum for Theresa May piss-take!

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