ANZ's latest piece on Brexit is titled 'Uncertainty reigns'. You bet.
Comments from analysts at the bank:
- The Brexit withdrawal agreement has been defeated by 230 votes, plunging the UK into a period of unprecedented political and economic uncertainty.
- Prime Minister May will inform the House of Commons on Monday about how the government plans to proceed (Plan B). This will probably involve a determined effort to renegotiate with Brussels.
- Expectations are that the UK will request an extension to the 29 March Brexit deadline.
- There appears to be a clear cross-party majority in the House of Commons to prevent a no deal Brexit, but no clear idea of how to do that.
- The opposition Labour Party has tabled a motion of no confidence in the government. It will be debated tomorrow and the vote is at 19.00 GMT, but it is highly unlikely that the no confidence motion will succeed.
(Highlights from a detailed note)
