The Governor of the Bank of England has warned that the major economic impact of Brexit has yet to be felt, but it was likely to spell a weaker economy, higher inflation and higher interest rates in the coming years.
After navigating the first hurdle of a key Brexit bill, British Prime Minister Theresa May on Tuesday won another parliamentary vote which will help prevent opposition MPs from blocking future legislation.
British lawmakers voted a key Brexit bill past its first big hurdle in Parliament early Tuesday. But many legislators branded the bill a government power grab, and vowed to change it before it becomes law.
Prime Minister Theresa May warned members of Parliament that Britain could be faced with a Brexit “cliff edge” if they failed to back her EU repeal bill, as reports suggested momentum was growing within her party to unseat her.
Britain feels it is in a good position in Brexit negotiations and wants to agree with the European Union to move on to discussions about its future relationship by October, Prime Minister Theresa May’s spokeswoman said on Tuesday.
Britain will pay “not a penny more, not a penny less” than what the government thinks its legal obligations are to the European Union as the country leaves the bloc, Secretary of State for Foreign Affairs Boris Johnson said on Friday.