SNP hints at backing short-term Corbyn government (BBC)

  • The SNP has given its most explicit suggestion yet that it could back a time-limited government led by Jeremy Corbyn to prevent a no-deal Brexit.
    • Party leader Nicola Sturgeon said she “agreed” installing the Labour leader or “someone else” after a vote of no confidence in Boris Johnson was the only” failsafe” option.
    • The SNP’s Westminster leader, Ian Blackford, told the BBC that “We will put in Number 10 whoever can deliver an extension to Article 50 and an immediate election…this isn’t about a government of national unity… it’s a mechanism to extend Article 50 and deliver an election.”

Brexit talks resume amid growing EU pessimism over new deal (BBC)

  • Brexit Secretary Stephen Barclay is in Brussels for talks, amid growing EU pessimism over whether a new withdrawal deal can be agreed. The EU’s chief negotiator, Michel Barnier, told diplomats the UK’s proposed alternative to the Irish backstop was unworkable.
  • European diplomats believe the chances of finalising a revised Brexit agreement by the next summit of EU leaders on 17 October are dwindling. They think Wednesday’s fractious scenes in the House of Commons suggest the prime minister has alienated Labour MPs who might have supported a deal.

Sterling in worst slide since August tumult amid Brexit drama (FT)

  • Sterling was on course for its worst week since early August as it fell back below $1.23 on Friday, leaving the currency more than 1.5 per cent lower for the week.
  • Friday’s fresh fall in the pound came after a senior Bank of England official said the central bank could still lower interest rates even if the UK avoids a no-deal Brexit.
  • The Brexit uncertainty is not only weighing on the pound. The euro fell to its lowest level since May 2017 on Friday, and was recently trading at $1.093. The single currency has been weighed down by signs of a possible coming recession and is also suffering from the lingering Brexit crisis.

Write A Comment