Brexit Update: Johnson's Brother Quits, Pence Supports PM

Boris Johnson's proposal to hold a snap election Oct. 15 has been rejected by MPs in a major setback for the UK prime minister. 

His opposition, Labour leader Jeremy Corbyn, has said his party will agree to a snap election if a bill preventing a no-deal Brexit is passed. 

MPs will now get another chance to vote for an early election Monday, the government has announced.

Uncertain Times

Nobody knows what the outcome will be. Eastern Bank Wealth Management CIO told CNBC that "Brexit uncertainty could weigh on U.S. markets." 

It's unclear what a "no-deal Brexit" will look like now, said, David Stubbs, chief client investment strategist at JPMorgan Private Bank, who shared his thoughts on the latest developments with CNBC.

Earlier Thursday, Boris Johnson's brother Jo announced that he is quitting politics, stating that he is "torn between family loyalty and the national interest."

He was the business minister and Tory MP for Orpington, southeast London, and has said there has been "unresolvable tension" in his role.

'Blow For BoJo As Bro Jo Go Goes'

Brexit is grim news for many, but British newspapers are trying to squeeze in as many puns as possible.

George Osborne, editor of the London newspaper The Evening Standard, is a former Conservative finance minister who was sacked by then-Prime Minister Theresa May in 2016 following the EU referendum.

Following the departure of Jo Johnson, he ran the headline "Blow For BoJo As Bro Jo Go Goes.”

US-UK Trade To Quadruple?

U.S. Vice President Mike Pence, speaking to Prime Minister Johnson, has said that a U.S.-UK trade deal could potentially quadruple the volume between the two countries.

“I spoke to President Trump this morning, your friend, and he sent his very best greetings and to assure you that the United States supports the U.K.’s decision to leave the European Union," Pence said, according to Guardian reports. 

Even if his own brother has deserted him, it seems Johnson still has support from the Trump administration. 

Price Action

The iShares MSCI United Kingdom Index EWU was up 0.19% at the time of publication Thursday, while the Vanguard FTSE Europe ETF VGK was up 0.45%. 

Related Links:

Brexit Update: UK's Prime Minister Loses Majority Support

'No End In Sight:' Boris Johnson's Brexit Prep Breaks The Pound, No-Deal Scenario Likely

U.S. President Donald Trump and U.K. Prime Minister Boris Johnson at the G-7 Summit in Biarritz, France on Aug. 26. White House photo by Shealah Craighead.