Breaking News: UK Gov Vote, What if Government Lose Confidence ?
Breaking News: UK Gov Vote, What if Government Lose Confidence ?
Today, the market is shaping up to be another dramatic day as the UK government is likely to hold a government confidence voting during the London session.
Members of Parliament will hold voting to express confidence in PM May’s government.
A total of 318 votes are required for the government to stay in power. But after the historic defeat in the Brexit Parliamentary voting, Theresa May’s position is vulnerable.
There is no limit to the number of times Mr Corbyn can call a no-confidence vote, but it is unlikely that the leader of the opposition would have started a fight he did not think he could win.
But with the DUP saying they will stand by their agreement with the Tories, a defeat for Mrs May is not a surefire outcome.
If the government wins, the consequence is simple: Mrs May continues in office.
But, if she loses, all bets are off.
What Happens if Government Loses?
Prime Minister Theresa May does not have to resign. In fact, a period of 14 days will be given during which any party, including May’s Conservatives, can establish a government. The party which intends to build the government will also be required to win a confidence vote in the House of Commons.
In case parties fail to form a new government within 14 days, an election will be triggered. So this whole scenario is very crappy for Sterling and it’s preferred to avoid taking positions in GBP.
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