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After election threat, British lawmakers begin no-deal Brexit showdown

British lawmakers will on Tuesday try to stop Prime Minister Boris Johnson from pursuing what they cast as a calamitous no-deal Brexit, a challenge a senior government source said would prompt him to call for a snap election on Oct. 14.
More than three years since the United Kingdom voted to leave the European Union in a referendum, the outcome of the Brexit crisis remains uncertain with a range of options from a turbulent no-deal exit to abandoning the entire endeavor.
Johnson implicitly warned lawmakers on Monday that he would seek an election if they tied his hands, ruling out ever countenancing a further delay to Brexit, scheduled for Oct. 31.
That sets up an historic Brexit showdown between prime minister and parliament in a country once touted as a confident pillar of Western economic and political stability. Sterling flirted with some of the lowest levels since 1985.
An alliance of opposition lawmakers and rebels in Johnson’s Conservative Party will use parliament’s first day back from its summer break to launch their attempt to block a no-deal exit.
They are confident of victory.
“I think we will have the numbers,” one of the rebels, Conservative former finance minister Philip Hammond, said. “Prime Minister Johnson has always intended that there will be an election.”
In the eye of the Brexit turmoil, it was unclear whether the rebels, if they defeat the government, would also vote for a snap election, which would require the support of two-thirds of lawmakers. Opposition Labor Party leader Jeremy Corbyn has repeatedly said he wants one.
An option under consideration by Labor would be to support an election but with some mechanism that would ensure a delay to Brexit, The Sun’s political editor Tom Newton Dunn said.
The pound, which has gyrated to the rhetoric of Brexit since the 2016 referendum, fell to as low as $1.1959. Barring the October 2016 ‘flash crash’ when sterling momentarily tanked to as low as $1.15, the pound has not regularly traded at these levels since 1985.
Possible election
While the British leader said he did not want a snap election, he raised the prospect of one, and a senior government source said lawmakers should be aware it would be a consequence of their decision to vote against the government on Tuesday.
“I don’t want an election. You don’t want an election. Let’s get on with the people’s agenda,” Johnson said at a hastily organized appearance outside Number 10 Downing Street.
Johnson has cast rebels as EU “collaborators” who are undermining the government’s negotiating hand by blunting his threat of a no-deal Brexit. Johnson’s foreign minister, Dominic Raab, criticized “shenanigans in parliament.”
Rebels say the government wants an election but is trying to blame lawmakers for triggering one.
To hold an election, the government would need the backing of two-thirds of lawmakers in the 650-seat House of Commons. Labor’s Corbyn will host a meeting of opposition parties on
Tuesday to discuss their plans to block a no-deal.
Johnson, whose Conservatives have seen an opinion poll bounce since he took office, has a working majority of just one seat in the 650-seat lower house of parliament.
An election could make a no-deal Brexit more likely, according to JPMorgan, as polling indicates Johnson could win.
“The effect of these developments, in our view, is to push up the probability of a general election occurring next month, and thereby to make no-deal more likely as of end October,” JPMorgan said in a note to clients.
Reuters.
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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