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Global Markets: UK’s May resigning amid Brexit failures

By MarketsFarm

WINNIPEG, May 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– After three years in the job and several failed attempts to reach a Brexit deal, United Kingdom Prime Minister Theresa May announced on Friday her decision to resign. May will quit as Conservative Party leader on June 7 and following a party leadership race, she will step down as PM. Several former and current cabinet ministers have either declared their intentions to replace May or are considering a run, including Boris Johnson, Dominic Raab, Andrea Leadsom, Esther McVey, Rory Stewart and Jeremy Hunt. The winning contender will likely become PM sometime in July.

– The British Columbia Court of Appeal will rule on Friday if the provincial government can amend its Environmental Management Act in such a manner that it would end the contentious Trans Mountain Pipeline expansion project. B.C.’s attorney general said the provincial government wants to protect B.C. from a catastrophic oil spill. The federal government argued the move is unconstitutional as the pipeline is federally regulated. Regardless of today’s ruling, it’s widely expected the case will be brought before the Supreme Court of Canada.

– Conservative leader Andrew Scheer said his party, if it wins October’s federal election, won’t be able to balance the federal budget within two years as previously promised. Scheer claimed the Liberals have a larger financial mess than originally believed. In the 2015 election, the Liberals promised to balance the books by 2019. However the country’s net-debt-to-GDP ratio is among the lowest among the G7 countries.

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