A SURPRISE amendment tabled by the government offering parliamentary scrutiny of the Brexit process has temporarily rescued the pound from its inexorable decline.
In what has been described as “one hell of a climb down” by Labour, Theresa May bent to intensive pressure and will now allow parliament some measure of influence over the negotiations.
Her executive had steadfastly refused calls to provide a “running commentary” on the proceedings but after a fraught parliamentary affair concenring a major treasury leak saw one Tory MP denounce the strategy as ‘tyrannical’ the amendment was tabled to prevent a serious back bench rebellion.
Sterling has since risen back above the $1.23 mark after falling as low as $1.208 late last night leading Paul Donovan of UBS to note that “Markets are once again the idle playthings of politicians.”
Meanwhile the government is also under fire over plans to create a brexit select committee of 21 MPs, almost twice the size of any other parliamentary committee.
Whitehall thinktank the Institute for Government argues that the move could be a “recipe for the lowest common denominator” by creating a committee so large it will fail to agree on anything and provide ineffective scrutiny of executive plans.