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Travel Money Group: Brexit is as confusing and uncertain as ever.

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The UK House of Commons will vote on a number of amendments to Prime Minister May’s defeated Brexit deal today (Wednesday morning Aussie time).

Here is a quick summary of what’s on the table.


Stop a no-deal by delaying Brexit

As it stands, the United Kingdom will leave the European Union on March 29, 2019 regardless of whether there is a ‘divorce deal’ in place. The prospect of leaving the EU without a deal has been widely touted by politicians to be rather tumultuous and not in the best interest of Britain and its economy.

Should there be no approved exit deal by the end of February, Labour MP Yvette Cooper is hoping for an amendment that would delay the Brexit date. If this is passed, the amendment will be legally binding on May’s government.

Saying no deal to a no deal all together

Further to Cooper’s amendment, conservative MP Caroline Spelman is calling on Theresa May to rule out a no-deal Brexit all together.

This argument doesn’t have the same legally binding ramifications as Cooper’s, so it is more likely to gather the support of more MPs.

Power to the backbenchers

Normally the government controls the agenda in the House of Commons. This means backbenchers don’t get a chance to dictate parliamentary business or put bills on the table.

This amendment would allow MPs to raise different Brexit motions for six days of debate prior to March 29, giving them the chance to vote on alternatives to the current deal.

A vote on a new deal or referendum

You guessed it; this means, parliament would have a vote on all possible Brexit options, including a second referendum.

Getting a ‘Citizens’ Assembly’ to decide

The government would form an assembly of 250 members that comprise a representative sample of the population. This lucky group would then be asked to consider the Brexit process, provide recommendations and report back.

Re-writing the Northern Ireland backstop

MPs are seeking for PM May to either put a time limit on the current Northern Ireland backstop plans or replace the backstop entirely with alternative arrangements in an effort to avoid a hard border.

The level of uncertainty surrounding Brexit continues to affect the value of the pound. It will be interesting to see what comes out of the upcoming meeting and how the result fluctuates the pound.

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