U.K.'s May Urged by Her Party to Give Clear Roadmap for Quitting
(Bloomberg) --
Lawmakers in Theresa May's Conservative Party urged the U.K. prime minister to provide a clear timetable for her departure, even as they shied away from changing rules to make it easier for them to oust her.
The influential 1922 Committee of rank-and-file Tory members of Parliament made the decision at a meeting Wednesday. May has said she'll step down once she gets her Brexit deal through Parliament, but her MPs want more details. Committee Chairman Graham Brady told reporters that May should provide a "clear roadmap" for her departure.
“We have sought clarity on the timetable and the schedule of her departure,” he said. “She has set that out already in the eventuality of the Withdrawal Agreement being passed. We are seeking similar clarity should that not be the case.”
Breathing Space
The decision not to change party rules gives the premier some breathing space as she seeks to craft a compromise package on Brexit in talks with the opposition Labour Party. May is scrambling to get a deal over the line by May 22 so that she can avoid holding elections to the European Parliament that would be toxic to her party, highlighting the Conservative government's failure so far to deliver on the 2016 referendum.
The premier's three-weeks of talks with Labour show little sign of bearing fruit, so May is contemplating a desperate gamble next week: Instead of putting the deal itself back to lawmakers, she may try to do so by proxy with an attempt to pass legislation that would enshrine the deal in law.
Labour Talks
The idea is that her opponents will be able to add their own Brexit wishes to the legislation with amendments. Once they've done that, it might stand a chance of passing. The premier is still weighing whether to introduce the legislation or not, because of the risk the House of Commons will reject it. The chamber has thrice rejected the deal May negotiated with the European Union, forcing her to twice postpone Brexit.
Originally, Britain was supposed to leave the EU on March 29, a deadline that slipped first to April 12 and now to Oct. 31.
The talks with Labour continued Wednesday with a meeting between Chancellor of the Exchequer Philip Hammond and his opposition counterpart, John McDonnell, to discuss financial services post-Brexit. Talks on the environment are planned for Thursday.
The government has suggested that there's a compromise to be made in future customs arrangements. But Labour wants a customs union with the EU post-Brexit, while May rejects that option because it would prevent Britain from negotiating its own trade deals.
Party Rules
With few MPs on either side optimistic that a deal with Labour will be done, May could yet be forced out before she can deliver Brexit.
Tory lawmakers tried and failed to oust May in December, and under current rules, they're not able to make another attempt until a year has passed. Brady said that while it's still in his committee's power to change the rules to make it easier for MPs to oust the premier, it's unlikely for now.
“We have given this subject a very good airing and a very thorough debate, and we have reached our determination,” he said. “So I don't think there will be any mood to revisit these matters in the near future.”
| Read More |
|---|
| How a ‘Customs Union' Could Define Post-Brexit Trade: QuickTake |
| Brexit's Tortured Endgame as the Deadline Pushes Out: QuickTake |
| The Rivals Queuing Up to Replace Prime Minister Theresa May |
To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net
To contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Robert Jameson
©2019 Bloomberg L.P.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.