UK Parliament approves Brexit bill, govt to begin exit process by Mar 31

March 14, 2017

Washington, Mar 14: Britain lurched closer to leaving the European Union Monday when Parliament stopped resisting and gave Prime Minister Theresa May the power to file for divorce from the bloc.

brexit

But in a blow to May's government, the prospect of Scotland's exit from the United Kingdom suddenly appeared nearer, too. Scottish First Minister Nicola Sturgeon called for a referendum on independence within two years to stop Scotland being dragged out of the EU against its will.

Amid Britain's divorce from EU, Scotland wants Independence

In an announcement that took many London politicians by surprise, Sturgeon vowed that Scotland would not be "taken down a path that we do not want to go down without a choice." Sturgeon spoke in Edinburgh hours before the European Union (Notification of Withdrawal) Bill passed its final hurdle in Parliament's upper chamber, the House of Lords.

The House of Commons approved the bill weeks ago, but the 800-strong Lords fought to amend it, inserting a promise that EU citizens living in the U.K. will be allowed to remain after Britain pulls out of the bloc.

They also added a demand that Parliament get a "meaningful" vote on the final deal between Britain and the remaining 27 EU nations.

Both amendments were rejected Monday by the Commons, where May's Conservatives have a majority. A handful of pro-EU Conservatives expressed their unhappiness, then abstained from the vote. The bill returned to the Lords, in a process known as parliamentary ping pong. Faced with the decision of the elected Commons, the Lords backed down and approved it without amendments.

Labour peer Dianne Hayter, who proposed the amendment on EU citizens, said the Lords had done their best, but "our view has been rejected in the elected House of Commons, and it is clear the government is not for turning."

Once the bill receives royal assent - a formality that should be accomplished within hours - May will be free to invoke Article 50 of the EU's key treaty, triggering two years of exit negotiations, by her self-imposed deadline of March 31.

May was forced to seek Parliament's approval for the move after a Supreme Court ruling in January torpedoed her attempt to start the process of leaving the bloc without a parliamentary vote.

Debate between House of Commons and House of Lords

The House of Commons and House of Lords battled over the bill's contents, with the status of EU nationals in Britain - and Britons in fellow EU member countries - drawing especially emotional debate. Both British and EU officials have said such residents should be guaranteed the right to stay where they are, but the two sides have so far failed to provide a concrete guarantee, leaving millions of people in limbo.

Scottish National Party lawmaker Joanna Cherry told the House of Commons that one constituent, a Lithuanian, had told her "the uncertainty caused by this government and this Parliament is making her feel worse about her personal situation in Britain than she did in Lithuania under the Soviets."

Brexit Secretary David Davis told lawmakers the government had a "moral responsibility" to the 3 million EU citizens living in Britain and the 1 million Britons in other member states, and intends to guarantee their rights as soon as possible after exit talks start.

"That is why we must pass this straightforward bill without further delay, so the prime minister can get to work on the negotiations and we can secure a quick deal that secures the status of both European Union citizens in the U.K. and also U.K. nationals living in the EU," he said.

Pro-EU lawmakers accused the government and Brexit-backing lawmakers of running roughshod over the concerns of the 48 percent of Britons who voted to stay in the EU.

Conservative legislator Dominic Grieve called the government's opposition of handing Parliament a final vote on Brexit "deranged," and the Green Party's Caroline Lucas said lawmakers should not just hand ministers a blank check.

"We were not elected to be lemmings," Lucas said.

Euroskeptics accused pro-EU legislators of trying to frustrate the will of voters who passed a June referendum to leave the EU.

"The simple truth is this - deal or no deal, vote or no vote, positive vote or negative vote, this process is irreversible," Conservative legislator Edward Leigh said. "We're leaving the EU, and that's what the people want."

May is now free to trigger Article 50 as early as Tuesday, but the government signaled the move would come much closer to the March 31 deadline. May spokesman James Slack repeated the government's position that it would happen by the end of March.

"I've said 'end' many times, but it would seem I didn't put it in capital letters strongly enough," he said.Political union under threat

The government's satisfaction at victory in Parliament was tempered by the prospect of an independence vote that threatens the 300-year old political union between England and Scotland.

Sturgeon said she would seek to hold a referendum between the fall of 2018 and the spring of 2019 so Scottish voters could make an "informed choice" about their future. While Britons overall voted to leave the EU, Scottish voters backed remaining by 62 to 38 percent, and Sturgeon said they should not be forced to follow the rest of the U.K. into a "hard Brexit" outside the EU single market.

In a 2014 referendum, Scottish voters rejected independence by a margin of 55 percent to 45 percent. But Sturgeon said the U.K.'s decision to leave the EU had brought about a "material change of circumstances."

May - whose government would have to approve a legally binding referendum - accused Sturgeon's Scottish National Party of political "tunnel vision" and called her announcement "deeply regrettable."

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News Network
June 22,2020

Geneva, Jun 22: The global count of coronavirus cases has surpassed 8.7 million, with 183,020 new cases recorded on Sunday, the World Health Organisation said in its daily situation report.

Over the last 24 hours, 4,743 people died from COVID-19 worldwide, taking the death toll to 461,715 fatalities, according to the report.

The cumulative global toll of confirmed cases has now reached 8,708,008, as stated in the report.

The WHO Regional Director for Europe, Dr Hans Henri P. Kluge, shared that Europe accounts for 31 per cent of COVID-19 cases and 43 per cent of COVID-19 deaths globally.

Dr Kluge highlighted that several countries continue to face increasing disease incidence and that "preparing for the autumn is a priority now at the WHO Regional Office for Europe"

The United States continues to be worst affected by the contagion with the highest count of cases and fatalities -- 2.2 million and 118,895, respectively.

The novel coronavirus was declared a pandemic by WHO on March 11.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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News Network
July 11,2020

Jul 11: UK’s Prince Charles, at the ongoing India Global week 2020, has praised India’s sustainable way of life, as he emphasised on sustainable development amid the ongoing coronavirus pandemic. Addressing the summit through a video link from London, Prince Charles said, “The country’s (India’s) diversity and resilience is a personal inspiration for him and much to teach all,” reported the All India Radio.

The three-day summit is getting held on a virtual platform from July 9 to July 11 due to the ongoing COVID-19 pandemic. Around 75 sessions on subjects such as geopolitics, business, emerging technologies, banking, finance, pharmaceuticals, defence and security, and arts and culture are getting held. The summit is expected to bring together over 250 speakers and more than 5,000 participants for incisive discussion and lively debate over the three days.

During his address, Prince Charles said India’s philosophies and values have emphasised a sustainable way of life and a harmonious relationship between humanity and nature, the AIR report said.

He also informed that he spoke to Prime Minister Narendra Modi about the importance of sustainable living.

In his address, he also spoke about the ancient yogic concept of ‘Aparigraha’. “It’s the time when the world learnt this ancient wisdom from India as it seeks revival amid the pandemic, he said as reported by the AIR news.

As the countries across the globe are reeling under the corornavirus pandemic, he emphasised on sustainable development to overcome the crisis. He said, “We have an unparalleled opportunity to put people and planet at the heart of global value creation and move to sustainable markets for long-term value, balancing natural, social, and physical capital.”

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