Britain in mayhem after vote delay
Business confidence hit by fresh uncertainty as pound slips to lowest level against US dollar since April 2017
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THE European Council of presidents and prime ministers meets on Thursday for the last summit of the year amid growing Brexit turmoil. This follows British Prime Minister Theresa May's decision on Monday to postpone Tuesday's vote in parliament on the UK's withdrawal treaty in the face of a humiliating and potentially politically fatal defeat.
The fresh uncertainty is also knocking business confidence with the Confederation of British Industry asserting on Monday that the United Kingdom "risks sliding towards a national crisis". In financial markets, the pound slipped on Monday to its lowest level against the US dollar since April 2017, and the lowest level against the euro since August.
While there is no confirmed new date for the vote, it could easily now get kicked out to January. The political pressure on Mrs May to therefore secure new concessions in Brussels this week, especially around the so-called "Irish backstop", is overwhelming.
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