Investing.com - U.K. Members of Parliament (MPs) vote on Prime Minister Boris Johnson’s Withdrawal Agreement ahead of the U.K.’s scheduled departure from the European Union on Oct. 31.
Watch Live - U.K. Parliament Debates Boris Johnson's Brexit Deal on Super Saturday
Boris Johnson will present the bill to the House of Commons from 08:30 GMT. The debate and subsequent votes can be watched live in the video below.
Markets rallied on the news a deal had been reached between the European Union and the U.K. on Thursday as the announcement ended months of uncertainty on whether a new deal was going to be reached at all.
The EU stated several times over the past few months that it would not re-open the Withdrawal Agreement reached between Prime Minister Theresa May's government and its Brexit negotiators. Many also feared Boris Johnson's premiership could lead to a disorderly exit at the end of the month.
While Johnson's proposals have been accepted by the EU, it now remains to be seen if parliament will vote in favour of the withdrawal agreement when it goes to a vote in the House of Commons on Saturday.
The pound soared to five-month highs of 1.2988 on Thursday, however pared gains during much of Friday's session as traders braced for the upcoming vote on the PM's Brexit deal. GBP/USD closed Friday up 0.66% at 1.2973.
Johnson needs 320 votes from the 650 seat parliament to get his deal approved. The PM’s Conservative Party has 288 seats, meaning Johnson relies on securing votes from the opposition benches.
Boris Johnson is the U.K.’s second prime minister tasked with negotiating the terms of the U.K.’s exit from the EU. Parliament rejected Prime Minister Theresa May’s bill three times.
The PM is framing this vote as the opportunity to get Brexit done once and for all.
Parliament’s ‘Super Saturday’ sitting will begin with a statement from the Prime Minister, followed by questions. Another minister will table the motion for the Withdrawal Agreement.
The House of Commons passed a motion on Thursday afternoon, tabled by MP Sir Oliver Letwin, which will allow amendments to the bill from the opposition.
The Speaker John Bercow will select which amendments to the bill can be debated.
One key amendment could be to delay Brexit, again. Some MPs have prepared an amendment which would prevent Brexit from happening until all the associated legislation has been passed.
Depending on the number of amendments the Speaker chooses to debate, the results of the vote could be any time between midday and early evening.
If Boris Johnson loses on Saturday, he is required by law to request an extension beyond the Oct. 31 date from the European Union.