Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Tory rebels deliver government's first major Brexit defeat

Tory rebels deliver government's first major Brexit defeat

Conservative rebels voted with Labour MPs last night to reject major parts of the Brexit bill, delivering the government’s first major defeat on the subject.

The bill, which sought to grant ministers sweeping powers to sign major Brexit provisions into law without the oversight of MPs, was voted down by 309 to 305.

Had it won support for the provisions the government would have been able to enact Brexit without a vote. They will only be able to ‘subject to the prior enactment of a statute by parliament approving the final terms of withdrawal of the United Kingdom from the European Union’.

That is widely interpreted as ensuring that MPs will have a substantive say in the shape of a final Brexit deal.

In a statement, the Department for Exiting the EU said: ‘We are disappointed that parliament has voted for this amendment despite the strong assurances that we have set out.

‘We are as clear as ever that this bill, and the powers within it, are essential.

‘This amendment does not prevent us from preparing our statute book for exit day. We will now determine whether further changes are needed to the bill to ensure it fulfils its vital purpose.’

The Labour Whips’ office claimed that a dozen Tory MPs, led by former attorney general Dominic Grieve, had voted against the government.

Speaking to Sky News ahead of the vote, Grieve had said:  The government needs to listen to what’s being said to them. And at the moment, unfortunately, my impression of the last few days, when I’ve been talking to the government, is that it seems to be a bit of a dialogue of the deaf.

‘They’ve turned this into a battle of wills. And this is a completely pointless exercise. They need to listen to the point that’s being made and they need to respond to it.

‘I have no desire to defeat my government at all. I’m not a rebel. I think I have only rebelled once, over a local issue, in the 21 years I’ve been in parliament.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter