23 March 2017
Yesterday Prime minister May defeated parliamentary opposition to the issuing of Article 50. The defeat enables her to start exit negotiations in Brussels at the end of the month as anticipated.The amended bill passed through the House of Lords a second time, unimpeded. Nicola Sturgeon, leader of the Scottish National Party took the opportunity to demand a second referendum on Scottish independence before the two year exit negotiations conclude. Commentators widely expect May to comply with this but only after the UK has concluded EU negotiations ensuring she is not fighting on two fronts. In an otherwise flat market, UK stocks are up modestly on the news, while Sterling has seen significant weakness as markets again turn to the pound to express their negativity. This ongoing depression in the pound continues to contribute to portfolios overseas investments.