A new timetable for MPs to vote on Brexit has been announced by the PM. The Tradefair team brings you the latest from UK politics...
"We won't bring a meaningful vote to Parliament this week, but we will ensure that that happens by March 12,"
- Theresa May
Prime minister Theresa May has announced a new deadline for when MPs will have the next chance to vote on her controversial Brexit deal.
Speaking as she prepared to travel to Egypt for this week's upcoming EU-Arab League summit, Ms May stated there has been no movement on negotiations so far, but that a potential compromise could be reached soon.
Parliament preparing for a 'meaningful vote'
It marks the beginning of another week of uncertainty for the UK, as the prospect of 'no deal' continues to hang over the matter of Brexit.
Ms May stated: "We won't bring a meaningful vote to Parliament this week, but we will ensure that that happens by March 12."
She added that "negotiations are continuing" regarding the contentious Irish backstop and that the UK's negotiating team will be returning to Brussels to continue their dialogue with their EU counterparts later this week.
Not good news for businesses
Responding to the PM's announcement, director general of the British Chambers of Commerce Adam Marshall took to Twitter to air his frustrations.
A parliamentary vote on March 12th for something that's meant to take effect on March 29th.? Adam Marshall (@BCCAdam) February 24, 2019
17 days' notice for businesses, employees, investors and communities on what may be the biggest economic and trading change they face in a generation. Unbelievable. #Brexit
It is a stance indicative of the exasperation felt across many parts of the country at present, with growing unease that the future of British enterprise is being placed in jeopardy by the political wranglings of warring MPs.
Whatever the reason, however, there appears no end in sight for the recriminations and uncertainty that have grabbed the majority of headlines in recent weeks. Indeed, with yet more Labour and Conservative MPs quitting their respective parties over the issue of Brexit, it's unlikely this divisive issue will be settled any time soon.
Sterling holding steady
Despite the lack of movement in Brexit negotiations over recent days, sterling continues to maintain its stability in forex markets against other major currencies.
The fact that EU president Donald Tusk has now openly stated there remains the prospect of extending the Brexit leave date by a further two years if no deal can be achieved has helped to stabilise GBP/EUR at around 1.13.
At the same time, a marginal weakening of the US dollar is also good news for the currency, with GBP/USD rising this morning (February 25) to approximately 1.30.
What is Tradefair?
Tradefair is Betfair's new spread betting service, offering trading on thousands of financial markets such as Gold, EUR/USD, FTSE 100 and Twitter. Whether you think prices are going up or down, Tradefair lets you take a view.
Check out our latest Special Offers
Please note: Our services include products that are traded on margin and carry a risk that you can lose more than your initial deposit. The products may not be suitable for everyone - ensure you fully understand the risks involved.