April 2, 2019 / 7:19 PM / 7 months ago

UK PM May's Brexit plea to Labour likely to fail, JPMorgan warns

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar

LONDON (Reuters) - U.S. investment bank JPMorgan predicted failure for British Prime Minister’s appeal for help from opposition Labour Party leader Jeremy Corbyn to break the Brexit logjam.

“In our view, the incentive for him to cooperate in the manner that PM May has suggested is low,” JPMorgan economist Malcolm Barr wrote in a research note to clients on Thursday.

He noted that splits in opinion were far more conspicuous in May’s Conservative Party than in Labour, and the prospect of a general election - Labour’s stated objective - loomed large.

“As a result, we doubt PM May’s request for help will progress very far,” Barr said.

Reporting by Andy Bruce

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