Just a heads up on the matter
Although parliament is still observing a recess period until next week, UK lawmakers aren't waiting around as they try to step up their bid to stop Boris Johnson from crashing out of the EU without a Brexit deal.
Opposition lawmakers will be meeting around noon today in an effort to band together to stop any proroguing of parliament in the coming weeks. The expected participants of the meeting should be all opposition parties and possibly several Tory lawmakers as well.
However, much like anything politics, the movement here isn't as united as it would seem. Yesterday, Lib Dem leader Jo Swinson came out with a warning to Jeremy Corbyn that he risks jeopardising a no-confidence vote if he insists on becoming caretaker PM.
Should he succeed in the no-confidence vote, Corbyn plans to form an emergency government - in which he will be the interim leader - and delay Brexit in order to avoid a no-deal outcome.
But Swinson said that if he does so, he would risk not getting enough support. Instead, her party and several others would prefer the idea of introducing a law to stop no-deal - even though it would be tough to get the numbers and time is of the essence.
So, what should markets be looking out for?
Well, any imminent signs that opposition parties are seen failing to work together could mean that efforts to deny Boris Johnson from pursuing no-deal will be less convincing. As such, the threat of no-deal will remain heightened when parliament returns next week.
However, if opposition parties can put their differences aside temporarily, a no-confidence motion may threaten to shake things up in parliament as lawmakers return from their summer recess on 3 September.
The latter scenario may lend some belief that a no-deal Brexit could be scuppered but we'll see how things actually develop when the time comes.
