Parliament to be suspended in September (BBC News), (The FT)

  • Parliament will be suspended just days after MPs return to work in September – and only a few weeks before the Brexit deadline.
  • Boris Johnson said a Queen’s Speech would take place after the suspension, on 14 October, to outline his “very exciting agenda”.
  • But it means the time MPs have to pass laws to stop a no-deal Brexit on 31 October would be cut.
  • House of Commons Speaker John Bercow said it was a “constitutional outrage”.
  • The Speaker, who does not traditionally comment on political announcements, continued: “However it is dressed up, it is blindingly obvious that the purpose of [suspending Parliament] now would be to stop [MPs] debating Brexit and performing its duty in shaping a course for the country.”
  • Labour leader Jeremy Corbyn said: “Suspending Parliament is not acceptable, it is not on. What the prime minister is doing is a smash and grab on our democracy to force through a no deal,” he said.

Bets on pound volatility climb after Johnson’s no-deal gambit (The FT)

  • Investors are braced for an unnerving ride in foreign exchange markets in the run-up to the Halloween deadline for the UK’s exit from the EU.
  • Shifts in the options market, where bets are made on exchange rates, show expectations for sterling volatility have hit their highest level since the start of the year.
  • Bets shot up on Wednesday after Boris Johnson’s government took the unusual step of signalling its intention to suspend parliament in a bid to stop MPs blocking a no-deal Brexit.
  • The prime minister is set to suspend parliament for at least a month, shortening the time available to MPs who hoped to introduce a bill to force the government’s hand on Brexit.
  • Investors’ expectations for swings in sterling over the next three months rose just over 2 per cent on Wednesday to their highest since January when former prime minister Theresa May tried to force her original Brexit deal through the House of Commons.