Brexit round-up: 24 May 2019
24th May, 2019
Welcome to this, our latest Brexit round-up. Each week we provide a succinct round-up of the latest news surrounding the Brexit process, so you can keep abreast of the issues which are likely to affect your organisation.
Theresa May to resign on 7 June
On Friday 24 May Theresa May announced that she will quit as Conservative leader on 7 June but will remain until then whilst a Conservative leadership contest takes place. Following details of her new Brexit deal she faced increasing pressure to resign with some MPs seeking a change to the party rules so they could vote to oust her at a meeting of backbench MPs. She had previously pledged a timetable for her resignation to take place after MPs voted on her Brexit plan in early June but has now announced her resignation saying she has “deep regret” that she has been unable to deliver Brexit and that it was now in the “best interests of the country for a new prime minister to lead that effort.”
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Leadsom quits and delays Withdrawal Agreement Bill
Theresa May’s Withdrawal Agreement Bill, which was expected to be published on 24 May, has now been delayed until early June following the resignation of Andrea Leadsom as Commons Leader on 22 May. Mark Spencer told MPs “We will update the House on the publication and introduction of the Withdrawal Agreement Bill on our return from the Whitsun recess.” Leadsom resigned stating that she could not announce the bill which had “new elements that I fundamentally oppose,” and has since been replaced by Treasury minister Mel Stride.
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End of Brexit talks lead to drop in the pound
Following the end of cross-party talks with no agreement last week, the pound sunk to a four month low on Friday evening, falling by 2%, which analysts said reflected investors pricing a higher chance of the UK leaving the EU without a deal. The pound was 0.52% lower against the dollar at $1.273 which was a drop from a general trade price of $1.29 against the dollar since the delay of Brexit in March. The pound was also lower against the Euro, falling 0.46% to €1.140.
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Brexit talks end without agreement
Cross-party talks ended last week with no agreement reached between the parties. There remains unresolved issues including membership of a customs union and a further referendum which prevented any agreement being reached on the prime ministers Brexit deal. Labour leader Mr Corbyn wrote in a letter to Theresa May “I believe the talks between us about finding a compromise agreement on leaving the European Union have now gone as far as they can.”
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If you have any questions about any of the issues which are raised, or would like to discuss your own organisation’s options in the lead-up to Brexit, please do not hesitate to get in touch.
Please note that this briefing is designed to be informative, not advisory and represents our understanding of English law and practice as at the date indicated. We would always recommend that you should seek specific guidance on any particular legal issue.
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