PM Johnson's Internal Markets Bill Jumps Another Hurdle

As expected, the government succeeded in passing the controversial 'Internal Markets Bill' through the House of Commons late yesterday, winning with 340 votes vs. 263 against - an effective majority of 77. There were, however, a number of notable Conservative abstentions, with big-hitting names including Geoffrey Cox, Theresa May, Liam Fox, Sajid Javid and Tobias Ellwood all declining to vote for the bill. This gives an idea of the level of resistance among Tory backbenchers.

Last night's vote was never the real crunch point from a markets perspective, with that date coming on Tuesday 22nd, where MPs vote on amendments to the bill (also known as Committee Stage), at which point the bill could still be halted in its tracks should sufficient opposition build, or progress further toward becoming law.

Note that it's possible the most controversial elements of the bill could be withdrawn altogether ahead of any voting should an agreement be made between UK and EU negotiators during informal talks this week (and formal talks next week). Daily Mail journalist Jason Groves cited sources today in saying that "last week's negotiations were the best for months".