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Sterling, Stocks Slammed As Johnson Calls For Fresh Elections On Dec. 12

As was widely expected following the defeat of a motion to fast-track his Brexit deal, UK Prime Minister Boris Johnson said he will call for Parliament to vote to hold fresh elections on Dec. 12.

The prime minister will now bring forward a motion on Monday which, if passed,  would dissolve parliament and allow a fresh election within weeks. Under the Fixed Term Parliament’s Act, the vote will require the support of two-thirds of MPs.

The vote will effectively require Brexit to be done by Dec. 12, or not at all.

Johnson cannot call an election without parliament agreeing to it first. He has already had two attempts rejected by the opposition Labour Party.

The pound, which has been moving lower all morning, broke below $1.28 as traders shied away from the increased uncertainty surrounded the Brexit process..

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