CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open Account
✖

BREXIT Corbyn Readies NoConfidence Motion Ahead of Next Weeks Meaningful Vote

Article By: ,  Head of Market Research
January 10, 2019 9:57 AM

The debate over Theresa May’s Brexit deal is careening toward a dramatic conclusion ahead of the scheduled Parliamentary vote on Tuesday.

In the latest act in Brexit’s Shakespearian tragedy, Labour leader Jeremy Corbyn has stepped up calls for a general election "at the earliest opportunity" to "break the deadlock" over Brexit. Reading between the lines, Corbyn appears set to call for a no confidence motion in the government if May’s bill is defeated next week, as widely expected. Yesterday, UK MPs voted to decrease the window for May to come up with an alternative plan from 21 days to just 3 days, meaning the whole situation could come to a head in less than two weeks’ time.

For those not intimately familiar with UK politics, a majority vote of no confidence would give the government 14 days to try to win another confidence vote, and in failing that, would lead quickly to a new general election as this handy graphic from the BBC shows:

Source: BBC

For now, Corbyn is focusing on the potential for another election, though many in the Labour party are arguing for a second referendum, which could further muddy the waters and cast a pall of uncertainty over the pound moving forward.

Speaking of sterling, the UK’s currency is holding up relatively well amidst the latest drama. GBP/USD has recovered off last week’s mini-flash-crash lows and just yesterday saw its highest close in over month. That said, the longer-term trend continues to point lower, and it will be difficult for the currency to rally meaningfully as long as the cloud of Brexit uncertainty hangs over the whole situation. Swing traders will likely be looking to sell any rallies while keeping a close eye on fundamental developments.

Source: TradingView, FOREX.com


StoneX Financial Ltd (trading as "FOREX.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, FOREX.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date.


This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it. No opinion given in this material constitutes a recommendation by FOREX.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.


The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although FOREX.com is not specifically prevented from dealing before providing this material, FOREX.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. For further details see our full non-independent research disclaimer and quarterly summary.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.com is a trading name of StoneX Financial Ltd. StoneX Financial Ltd is a company incorporated in England and Wales with UK Companies House number 05616586 and with its registered office at 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is authorised and regulated by the Financial Conduct Authority in the UK, with FCA Register Number: 446717.

FOREX.com is a trademark of StoneX Financial Ltd. This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy. FOREX.com products and services are not intended for Belgium residents.

© FOREX.COM 2025