Prime minister Teresa May has announced a snap general election will be held on 8 June, saying she has only ‘recently and reluctantly’ decided this is needed to ensure parliamentary unity on Brexit negotiations, in a move likely to impact the passage of the Finance Bill through Parliament
May had previously ruled out an early election, which requires a vote in the House of Commons tomorrow with two-thirds of MPs in favour of overturning the requirements of the fixed term Parliament act. However, she said an election was needed now because other parties are opposed to the government’s Brexit plans.
The finance bill, which puts into force the tax reforms and changes outlined in the Budget on 8 March, is due its second reading in the House of Commons today, 18 April.
Under the rules, income tax and corporation tax have to be agreed by Parliament annually. If previous procedure is replicated, these essential elements of the finance bill are likely to be agreed in a shortened version of the original legislation before Parliament dissolves.
In 2005, in similar circumstances, a finance bill completed all its Parliamentary stages in one day after a snap election was called in early April.
The rest of the finance bill will then be considered once a new government has been formed. If the Conservatives regain power, then it is likely the provisions of the finance bill will not alter, but a change in government could result in changes to the legislation.
In her announcement, the prime minister was highly critical of what she termed political ‘game-playing’ saying Labour has threatened to vote against the final deal, while the Lib Dems want to grind parliamentary business to a standstill and the SNP opposes what the government is doing.
May said she was not prepared to allow her opponents to jeopardise the Brexit negotiations, and said if the current Parliament ran until 2020 as planned, this would be a problem.
