Brexit news – the never ending saga!

Yesterday was a dramatic day for UK as British PM, Theresa May, announced that a draft Brexit deal has been completed and signed off by her cabinet.

Just less than 24 hours after signing up to the proposed deal, Brexit secretary Dominic Raab has resigned from his post citing the "indefinite backstop arrangement" and the "regulatory regime" proposed for Northern Ireland as they key reasons.

This has been a huge blow for May as the prospect of passing the bill through the parliament now appears to be very low.

As the Brexit deal is being discussed today in parliament, another one of her cabinet ministers, Esther McVey also submitted her resignation. Junior Northern Ireland Minister Shailesh Vara also quit in protest.

Furthermore, Scotland’s Brexit secretary Russell has also confirmed that the SNP (Scottish National Party) MPs will not support the deal while the DUP (Democratic Unionist Party) is also set to vote against, with the Unionists unhappy with the Northern Ireland’s status under the agreement.

Leading Brexiteers such as Boris Johnson, David Davis and Nigel Farage are furious at the contents of the agreement. Farage took to Twitter to describe this as "the worst deal in history"

What is clear with this deal is that both “remainers” and “brexiteers” seem to finally agree on something – both are unhappy with this deal as they see it worse than actually having a no deal!

What has happened to the pound?

Initially the pound rallied when May announced she had the backing of the cabinet. However, on Thursday morning sterling fell sharply again after more ministers handed their resignation

Although May appeared defiant in Parliament today, the next few days will clearly be crucial with respect to whether she is likely to gain Parliamentary approval for her Brexit deal, but also in determining whether she can hold on to office.

A lack of parliamentary approval for the deal, or a hard Brexit, would surely weigh in heavily on the pound. Any turn of events that could raise the risk of a general election would also punish the pound.

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