It is ‘out of the frying pan and into the Brexit fire’ at the moment for the government, although this time it seems somewhat self-inflicted. Yesterday, Speaker of the House John Bercow said there was an ‘arguable case’ that the government was in contempt, following its decision not to release the full legal advice on Theresa May’s Brexit plan. The motive behind May and Attorney General Cox’s decision is uncertain at the moment, but the long and short of it is that Cox, and perhaps even David Lidington, could be suspended at a time when the Prime Minister needs as many supporters (and votes) as possible.
Elsewhere, despite the strong growth that the UK saw in the third quarter, it struggled in October and as we moved into the fourth quarter. Yesterday’s manufacturing data was a welcome pick up however, with the readings beating expectations - new orders in particular were impressive. The Pound's key date of significance though is of course December 11th. The GBP/USD is trading at 1.2775, up 0.43 percent.