The campaign to block a no-deal Brexit in the parliament is gaining momentum today. Labour lawmaker Yvette Cooper put an cross-party supported amendment proposal earlier, to try to impose a deadline of February 26 for Prime Minister Theresa May to get the Brexit deal approved by the parliament. Otherwise, there would be a parliamentary vote on delaying Brexit. The second most influential Labour member John McDonnell said today the party is “highly likely” to back Cooper’s amendment. He added “Yvette Cooper has put an amendment down which I think is sensible”.
Regarding no-deal Brexit, Moody’s senior vice president Sarah Carlson warned that “from a sovereign credit perspective, if you end up with a ‘no deal’ Brexit that is a sign that something institutionally has really quite profoundly failed.” And, that would weigh negatively on UK’s creditworthiness.