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Sterling Fell 1% Against The Dollar After Boris Johnson Asked Queen to Suspend the Parliament

Sterling fell 1% against the dollar Wednesday morning after a report said that U.K. Prime Minister Boris Johnson would ask the queen to suspend parliament in a proposal to force through Britain’s exit from the European Union (EU) on Oct. 31.

The BBC reported that parliament could be suspended days after Members of Parliament (MPs) return from their summer break and would return just for the queen to ship a speech outlining the government’s post-Brexit plans on Oct. 14.

Johnson is seeking to strike a revamped settlement with Brussels earlier than the deadline, but the two sides have fought over the Irish “backstop” issue, meant to maintain a seamless border on the island of Ireland.

The highly controversial transfer, known as “proroguing” parliament, can be seen as an attempt by the government to power through Brexit with or without a deal, one of Johnson’s critical guarantees upon taking power.

Opposition parties on Tuesday signaled an intent to unite in creating a law to block Johnson from forcing a no-deal Brexit, which may damage Britain’s economy, based on several projections, and has faced widespread opposition in the House of Commons.

The timing of the suspension would scupper efforts from the cross-celebration group of MPs to introduce laws blocking the no-deal circumstances.

The supply stated Johnson would set an Oct. 14 date for the Queen’s Speech – the formal state opening of a new session of parliament at which Queen Elizabeth reads a speech ready by the government, setting out a legislative agenda for the coming year.

A Queen’s Speech on Oct. 14 would delay parliament’s return, and leave lawmakers with just over two weeks till Britain is due to leave the EU on Oct. 31.

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