Brexit: Just how meaningful is the ‘meaningful vote’? – Standard Chartered

In view of Christopher Graham, economist at Standard Chartered, for the UK economy, if, and when Prime Minister (PM) Theresa May attempts to bring her Brexit deal back before parliament for a third meaningful vote (MV3), it still looks doubtful whether it would pass given the current parliamentary arithmetic she is facing.

Key Quotes

 “If it did make it through parliament, it is worth remembering that this would only be the start of a process to get the Withdrawal Agreement (WA) implemented via legislation.”

“Once the motion on any deal is passed by parliament, the UK government will need to propose and pass primary legislation (which also requires parliamentary support) to enshrine elements of the WA in UK law. There is a clear risk that some MPs have not fully scrutinised what is contained within the WA agreed between the UK and EU. Once legislation is laid in parliament by the government, and it comes under intense parliamentary scrutiny (in both the House of Commons and House of Lords), there could be elements of the WA, hitherto not considered in too much detail, which become highly contentious; for example, while the Irish backstop issue has been closely scrutinised so far, areas such as the UK’s divorce settlement and the status of Gibraltar have received correspondingly less attention in recent weeks and months.”