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UK: Another Brexit referendum looking more likely – ABN AMRO

Analysts at ABN AMRO points out that in a new development in UK politics, opposition Labour Party leader Jeremy Corbyn today called for a General Election to resolve the parliamentary impasse over Brexit.

Key Quotes

“With Prime Minister May’s withdrawal deal unlikely to win the support of MPs in next Tuesday’s vote, and her ‘Plan B’ now required to be put to parliament by the end of next week, Mr Corbyn was seeking to get ahead of events in proposing to call a vote of no confidence in the government as soon as it is most likely to succeed.”

“It looks likely that the confidence vote will indeed fail. While May’s government has only a slim majority, there is little appetite in the Conservative Party (or DUP) for another election, and a confidence vote would require Conservative MPs voting to bring down their own government.”

“Assuming May’s Plan B (whatever that might entail) is also unpalatable to parliament, and with a confidence vote also failing, the last major viable option for parliament would be another referendum, which is looking increasingly likely.”

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