Theresa May’s Brexit plan has failed. What next?

Theresa May’s Brexit deal has been defeated by 230 votes — the biggest government defeat in history.

MPs voted down Theresa May’s Brexit deal yesterday — by a stunning 432 to 202 votes.

The proposal on Britain’s future relationship with the European Union came out last November, after almost 2 years of negotiation.

It provides for a transitional period until the end of 2020, with many of the existing arrangements staying in place. The deal also includes the Irish ‘backstop’, which proved controversial and may have contributed greatly to Mrs May’s defeat in the Commons.

The ‘backstop’ is a measure designed to avoid a hard border between Northern Ireland and the rest of the Irish mainland. It ensures that there will not be any physical border infrastructure on the island, even if future talks fail to produce a free trade agreement.

Following the historic loss, opposition leader Jeremy Corbyn tabled a motion of no confidence in Mrs May’s leadership. The vote will be held later today.

If she wins the vote, it’ll be business as usual.

But if she loses, things will escalate quickly. The Cabinet would have to resign and there would be a period of 14 days in which a new government can be formed.

The new government would have to get the confidence of the Commons for business to go on.

Mrs May could attempt to hang on and try to form a new government. She has greater support among her own Tory MPs after a party revolt failed last December. Party rules do not allow another challenge for the next 12 months.

However, she may decide it is time to hand the reins over to someone else. A new Tory leader would then have the chance to form a government, as would opposition parties.

The current makeup of Parliament allows Tory MPs to easily gain control of the House with their numbers, so it is unlikely that opposition parties will stand a chance.

On the off-chance that no government is able to get confidence of the Commons in those two weeks, then Parliament will be dissolved, and a general election called after 25 working days.

The UK is running out of time to work out Brexit terms, making it more likely to ask Brussels for an extension. The EU has expressed a willingness to grant one, but penalties may be involved on the UK’s part.

There is also an increased chance of a no-deal scenario, if ultimately all efforts at negotiation fail.

The UK is now forced back to the negotiating table to try to get a better deal, even though EU leaders have made it quite clear that the deal is not up for renegotiation.

European Council President Donald Tusk suggested that the UK should stay in the EU after the results were out.

“If a deal is impossible, and no one wants no deal, then who will finally have the courage to say what the only positive solution is?”, he asked on Twitter.

Property consultancy CSI Prop projects a positive outlook for the long-term future of the UK property market after Brexit, even in the case of a no-deal, and says that the current situation is an opportunity for investors.

The Sterling rose 1.5% against the dollar to $1.29. Could this be the final chance for investors to take advantage of the low pound?

Sources

Manchester: A Regeneration Hub

Manchester is the UK’s fastest-growing city and Europe’s second largest tech hubs. A key region of the government’s Northern Powerhouse initiative, Manchester is home to some of the world’s most brilliant minds. It is one of the world’s most connected cities, boasting efficient and convenient travelling within, to and from the UK. Manchester is a creative force with a booming reputation only set to get bigger.

With a rich talent pool of over 110,000 thinkers from four leading universities, Manchester has a high graduate retention rate of 58%, making it the second highest in the UK with a working population of 680,000. This city is the sanctuary for millennials due to its promising job prospect, growing employment rate and a lavish lifestyle that no young person could refuse.

This assertive, flourishing city has levels of job creation predicted to outpace cities such as Berlin, Tokyo and Paris, between 2015 and 2020*. Manchester airport serves more destinations than any other in the UK, outside of London making it the third busiest airport in UK.  

Forecasted to be the UK’s strongest performing city both in terms of GVA (2.4%) and employment growth (1.2%) from 2017 to 2020, Manchester is the preferred destination for millenials and the brightest minds with a world-class proposition for business and investment.

The Bustling Manchester Lifestyle


The attractive Manchester city. Source: Manchester Evening News

Apart from being a productive and dynamic city, this urban sanctuary is also a great place where extravagant lifestyle transpires.  

Whether one is on the hunt for bargains or a must-have piece, an avid foodie, or a sports enthusiast, there is something to suit everyone in this city.

Shopping in Manchester is a real treat. Visit King Street to indulge in the latest collections from world-renowned designers. Manchester is also home to a number of luxury departmental stores, such as Harvey Nichols and Selfridges.

The famous Trafford Centre is as much a theme park as it is a shopping destination, and there is plenty to keep the whole family entertained here. Afflecks in Manchester’s Northern Quarter is the go-to place for indie commerce, where shoppers will find everything from clothing outlets to old-style record stores and retro gaming shops.


The famous Trafford Centre. Source: VisitManchester

Manchester has a bustling and eclectic nightlife scene for those who enjoy a drink after a long day. Whether one prefers the classic atmosphere of a traditional English pub, or the stunning views of a rooftop bar, the city has it all.

For the millenials, the party never stops in Manchester, partygoers don’t need to wait until the weekend to have a good time. Manchester’s club scene is vibrant and varied making it the obvious top UK party destination.  

Manchester is gaining popularity for its good food, and residents are spoiled for choice when it comes to dining. At eateries in Manchester, one can find exquisite cuisine from around the world to whet your appetite. With a growing number of restaurants, delis and artisan cafés sourcing their produce locally, diners are ensured of fresh and seasonal delights.

Home to two of the world’s most iconic football teams, the people of Manchester take great pride in their shared passion for sports. Whether you support red or blue, the National Football Museum, right at the city centre, is a must to visit.


The famous City of Manchester Stadium where many legendary matches have taken place. Source: Wikipedia

Why Invest in Manchester


Affordable houses in Manchester. Source: Manchester Evening News

Manchester’s staggering development with a rising population growth makes it an attractive place for investors looking for the next big thing to invest. Property, in particular, is a solid choice as there is a growing demand for housing in the city.

With generation rent on the rise, Manchester has a soaring demand for residential and commercial properties that potentially gives promising returns. One of the key findings of the Manchester 2025 report was that the population of Greater Manchester, the metropolitan county that includes the city, will grow by 125,000 to reach 2.87m


The increasing population size in Manchester. Source: Urban Echo

To meet the substantial demand for housing this increase would bring, research suggests that the city needs to build around 11,254 new homes each year. Of this, 3,120 – just over a quarter – is needed in Manchester local authority, but there were just 1,792 new homes built between 2016-17.

This disproportionate supply-demand factor resulted in an increase in the house price index. Manchester registered a 15.3% increase in house prices over the past year, making it the top UK rental hotspot. House prices in Manchester are predicted to grow 22.8% by 2022.

If you are looking for a viable investment in the UK, it’s time to start looking to Manchester. With Manchester becoming an even greater target for property developers, bearing in mind its huge student population and growing workforce, plonking your pounds and pennies in this city could find you ample opportunities to capitalise on not just the fastest growing city but also soon to be one of the most populated regions in the UK.

More on Manchester: