The Queen has approved the UK Prime Minister’s request to suspend Parliament for five weeks, beginning 9th September running until 14th October, British media report. PM Boris Johnson will deliver what is known as the Queen’s speech, detailing the legislative agenda of his administration, once Parliament resumes on 14th October.
In a move which has been widely derided by Mr Johnson’s critics, the Speaker of the House, John Bercow, described the tactic as a “constitutional crises”.
Complaints have furiously surfaced that Mr Johnson is trying to stop MPs from blocking a no-deal Brexit by limiting the amount of time available to discuss options in Parliament once the suspension ends. The deadline for the UK to leave the EU has been set at 31st October, with Mr Johnson saying this will take place whether a deal is in place or not.
News of the suspension has caused investors to react with caution, with the Sterling dipping to new lows.
The Pound-to-Euro exchange rate is quoted at 1.1023 at the time of writing, having been as low as 1.0963 in the wake of the news parliament would be suspended.
The Pound-to-Dollar exchange rate is quoted at 1.2206, having been as high as 1.2159 earlier today.
In addition to this, businesses in the UK and Ireland have requested a €1bn fund from the Irish government to help cushion the blow of a Brexit shock in the event of no deal.
Ireland received an unprecedented €10.4bn corporate tax intake, which has been earmarked for business trading in both directions that will suffer tariffs, delays in Calais and Dover and any other challenges expected to come abound in the event of a no-deal scenario.
It is within this context that businesses within the UK and Ireland have asked for a slice of the corporate tax intake to help mitigate the challenges of a possible no-deal Brexit.