UK: Voting on Plan B in focus today - TDS

Analysts at TD Securities point out that in the UK, the government votes on amendments to Theresa May's "Plan B" and will be a key event for markets in today’s session.

Key Quotes

“The amendments that will be put to the vote later on Tuesday will be confirmed around mid-day (GMT), and could include the Cooper amendment that makes space for a vote on 5 Feb to extend Article 50 to later this year, as well as the Brady amendment that urges the Prime Minister to find "alternative arrangements" to the backstop.”

“Victory on the Cooper amendment (but not the Brady amendment) could point toward a softer Brexit, while victory on the Brady amendment increases the likelihood that May's deal (or a tweaked version of it) ultimately passes. It's possible too that neither is selected and/or succeeds, leaving things very much in their current unclear state.”

“May is likely to return to the EU with results of Tuesday's votes to press for changes to the Withdrawal Agreement and/or political declaration on the future relationship.”