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Look ahead: Brexit continues to dominate - and the end of European quantitative easing?


Look ahead: Brexit continues to dominate - and the end of European quantitative easing?

Robert Hamilton looks at what to expect over the next fortnight.

We have reached the time in the parliamentary year when the legislative process for many Bills is nearing its end. Inevitably, and unavoidably, Brexit legislation will dominate concerns among parliamentarians. Prime Minister Theresa May squeaked the Government’s EU Withdrawal Bill through the House of Commons late on Tuesday amidst uncertainty on just what concessions the Government has had to make. On Monday (18 June), the Bill will return to the House of Lords, the site of 15 recent defeats for the government on this very legislation. The normally sedentary Upper Chamber has been in full voice on Brexit, giving the Government the biggest headache since Tony Blair forced through the fox-hunting ban against the wishes of peers in 2004.

Elsewhere, the Government’s electric vehicles and ivory ban legislation continue their passage; one seeks to deliver on a promised revolution in the UK’s electric vehicle industry, whilst the other is arguably the latest part of Michael Gove’s attempt to soften the Conservative Party’s image.

Outside of the UK, policy-makers at the European Central Bank will meet today with rumours of a momentous policy shift in announcing the end of its asset purchase (quantitative easing) programme for Eurozone debt. Started in March 2015, the programme was intended to boost the money supply, keep interest rates low and increase spending in response to sluggish growth across the Eurozone. Better economic conditions and on-target inflation have prompted discussion of ending the programme, but recent political uncertainty from Italy and the ongoing US trade dispute could scupper any bold moves on the part of the Eurozone bankers.

 

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