Sterling is given a lift as UK Prime Minister Theresa May outlines her “new” plan regarding Brexit. One key element is that her Brexit bill will include a requirement to hold a vote on whether or not to have a second referendum on the deal. That is, if MPs want a second referendum, they must vote for the bill. The prospect of a second referendum is apparently the thing that shoots the Pound higher.

Here is a summary of May’s 10-point plan:

“So our New Brexit Deal makes a ten-point offer to everyone in Parliament who wants to deliver the result of the referendum.

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  1. The government will seek to conclude alternative arrangements to replace the backstop by December 2020, so that it never needs to be used.
  2. A commitment that, should the backstop come into force, the government will ensure that Great Britain will stay aligned with Northern Ireland.
  3. The negotiating objectives and final treaties for our future relationship with the EU will have to be approved by MPs.
  4. A new workers’ rights bill that guarantees workers’ rights will be no less favourable than in the EU.
  5. There will be no change in the level of environmental protection when we leave the EU.
  6. The UK will seek as close to frictionless trade in goods with the EU as possible while outside the single market and ending free movement.
  7. We will keep up to date with EU rules for goods and agri-food products that are relevant to checks at border protecting the thousands of jobs that depend on just-in-time supply chains.
  8. The government will bring forward a customs compromise for MPs to decide on to break the deadlock.
  9. There will be a vote for MPs on whether the deal should be subject to a referendum.
  10. There will be a legal duty to secure changes to the political declaration to reflect this new deal.

Al of these commitments will be guaranteed in law – so they will endure at least for this parliament.”


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