Theresa May wins crucial confidence vote in leadership of Tory MPs, says need to deliver Brexit now

Agencies
December 13, 2018

London, Dec 13: British Prime Minister Theresa May won a crucial vote of confidence in her leadership on Wednesday, with 200 votes cast in favour of her and 117 against out of a total of 317 of her Conservative Party MPs.

The vote had been triggered earlier in the day after the required 48 MPs from her Tory party filed letters of no-confidence with the influential 1922 Committee. "Whilst I am grateful for the support, a significant number of my colleagues did cast a vote against me and I have listened to what they have said," May said in a statement outside Downing Street soon after the results were declared.

"Following this ballot, we now need to get on with the job of delivering the Brexit for the British people and building a better future for this country. A Brexit that delivers on the vote of the people," she said, adding that she intended to carry on negotiating with the European Union (EU) over controversial aspects of her Brexit deal when she heads to Brussels for a pre-scheduled European Council meeting on Thursday.

The verdict of the confidence vote was formally announced by Graham Brady, Chair of the 1922 Committee made up of Tory backbenchers, who revealed that the Parliamentary Party "does have confidence in Theresa May as leader of the Conservative Party". Under the party's rules, May's leadership cannot be challenged for at least a year now.

The MPs, unhappy with the Brexit deal May has struck with the EU, began voting on her future Wednesday evening. A majority of the MPs had publicly said they would be voting for the PM but as it was a secret ballot, there was uncertainty over the result.

May was reportedly greeted with applause, and the traditional banging of desks as she went into a House of Commons Committee Room reserved for the vote to address her MPs before they began casting their ballots.

In her impassioned plea to the 1922 Committee, she told her colleagues that she had listened to all their criticism and confirmed that she would only hang on to Downing Street to see Brexit through before stepping down. This would mean she would not lead the party into the next General Election, scheduled for 2022.

"She was very clear that she won't be taking the General Election in 2022," said UK work and pensions secretary Amber Rudd.

The plea seemed to have paid off in the end as she survived the vote, turning the attention back to securing a Brexit deal that is acceptable to all sides of her deeply divided party as well as a fractured Parliament.

"I will contest that vote with everything I have got," May had said in a statement at Downing Street, warning that the leadership challenge will delay or even cancel Brexit.

May needed to convince a majority of her party MPs and a minimum of 159 votes to win the contest.

Had she lost, the party would have had to elect a new leader who would then go on to become the next British prime minister. May would not have been able to stand for such a leadership contest but would have to remain in Downing Street as caretaker PM while the process to select a new leader was conducted.

Some possible frontrunners named in the UK media included former UK foreign secretary Boris Johnson, current foreign secretary Jeremy Hunt, home secretary Sajid Javid and Rudd. But there did not seem to be a candidate with consensus across the pro and anti Brexit wings within the Tory party.

In her defiant statement on the steps of Downing Street soon after the no-confidence vote was announced on Wednesday morning, May said changing the Conservative Party leader would "put our country's future at risk and create uncertainty when we can least afford it".

She said: "A leadership election would not change the fundamentals of the negotiation or the Parliamentary arithmetic.

"Weeks spent tearing ourselves apart will only create more division just as we should be standing together to serve our country. None of that would be in the national interest."

She said she was making progress in her talks with EU leaders and vowed to "deliver on the referendum vote and seize the opportunities that lie ahead". The Conservatives had to build a "country that works for everyone" and deliver "the Brexit people voted for".

"I have devoted myself unsparingly to these tasks ever since I became prime minister and I stand ready to finish the job," she said.

The leadership challenge came as May was desperately trying to rescue her Brexit deal as she tried to convince EU leaders to offer some concessions to convince Britain's MPs to vote for it on Tuesday, a day after she postponed a crucial parliamentary vote scheduled for this week over the Withdrawal Agreement struck with the EU.

She was due to travel to Dublin on Wednesday but remained in London to contest the no-confidence vote.

European Commission President Jean-Claude Juncker, who held talks with the British PM in Brussels on Tuesday, said the EU would not "renegotiate" the deal but there was room for "further clarifications".

"The deal that we have achieved is the best deal possible, it is the only deal possible," he reiterated.

Britain's MPs have to give the go-ahead for May's deal if it is to come into effect when the UK leaves the EU on Brexit Day -- March 29, 2019. But deep divisions remain on all sides of the House of Commons over the so-called "backstop", a temporary customs arrangement designed to prevent the need for checkpoints at the Irish border if a long-term solution between the UK and EU cannot be agreed post-Brexit.

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News Network
June 15,2020

Jun 15: Oil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.

Brent crude futures fell 66 cents, or 1.7%, at $38.07 a barrel as of 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 81 cents, or 2.2%, to $35.45 a barrel.

Both benchmarks ended down about 8% last week, their first weekly declines since April, hit by the U.S. coronavirus concerns: More than 25,000 new cases were reported on Saturday alone as more states, including Florida and Texas, reported record new infection highs.

"Concerns about the recent uptick in COVID-19 infections in the U.S. and a potential 'second wave' are weighing on oil at the moment," said Stephen Innes, chief global market strategist at AxiCorp.

Meanwhile, an OPEC-led monitoring panel will meet on Thursday to discuss ongoing record production cuts to see whether countries have delivered their share of the reductions, but will not make any decision, according to five OPEC+ sources.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have been reducing supplies by 9.7 million barrels per day (bpd), about 10% of pre-pandemic demand, and agreed in early June to extend the cuts for a month until end-July.

Iraq, one of the laggards in complying with the curbs, agreed with its major oil companies to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
January 10,2020

Dubai, Jan 10: Iran denied on Thursday that a Ukrainian airliner that crashed near Tehran had been hit by a missile, Iranian government spokesman Ali Rabiei said in a statement, according to state TV.

"All these reports are a psychological warfare against Iran. All those countries whose citizens were aboard the plane can send representatives and we urge Boeing to send its representative to join the process of investigating the black box".

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