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UK Parliament rejects Brexit deal

UK Parliament votes against Prime Minister May's deal
16 January 2019
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    Key takeaways:

    • The UK Parliament has voted against UK Prime Minister (PM) Theresa May’s Brexit deal outlining terms for the UK’s departure from the European Union (EU)
    • The opposition Labour Party has called a vote of “no confidence” in the government. The government has until 21 January to offer an alternative Brexit plan
    • For the time being, apart from avoiding a “no-deal” outcome, it is uncertain if any other ways forward are able to command a majority in parliament
    • Given high Brexit uncertainty, we remain cautious on UK equities. We also continue to hedge our sterling denominated global multiasset portfolios against potential currency fluctuations