Today we heard MP’s making their pitch to success John Bercow as Speaker of the house of Commons in the first election since the Vote on Brexit over 3 years ago.  Seven Candidates are on the running, including ex-deputy labour leader Harriet Harman and current deputy speak Sir Lindsay Hoyle.

In the three years since Britain voted to leave the European Union, the Speaker has played an increasingly influential role in the process of debating the rights and wrongs of Brexit and passing the laws needed to implement it.

Former Speaker John Bercow was accused of breaking convention and favouring those who wanted to stop the government’s exit plans. But he was feted by others who saw him as empowering them to challenge and scrutinise the executive.

Since 2017, the ruling Conservative Party has not had a majority in parliament, giving rivals more freedom to challenge the government and the Speaker a big say in the process.

So how does it work?

Candidates needed the support of at least 12 MPs, three of whom must be from a different party, in order to be eligible to take part.

MPs have 20 minutes to vote in a secret ballot. It will take about 45 minutes to count them.

If no candidate receives more half of the votes, the individual who receives the least votes will drop out, as will anyone who obtains less than 5% of the total cast.

After each round, there will be a 10-minute period for candidates to withdraw.

MPs will then continue to vote until one candidate obtains more than half of the votes. The process is being overseen by Ken Clarke, who as Father of the House is the long-serving MP in the Commons.

Who are the Seven Contenders?

Chris Bryant – former minister and shadow Commons leader; Labour MP for Rhondda since 2001

Harriet Harman – former minister and deputy Labour leader; Labour MP since 1982, for Peckham and its successor constituency Camberwell

Meg Hillier – chairwoman of the Public Accounts Committee and former minister; Labour MP for Hackney South and Shoreditch since 2005

Sir Lindsay Hoyle – elected Labour MP for Chorley in 1997; elected deputy Speaker in 2010

Dame Eleanor Laing – elected Conservative MP for Epping Forest in 1997; elected deputy Speaker in 2013

Sir Edward Leigh – Conservative MP for Gainsborough since 1983; former chairman of the Public Accounts Committee

Dame Rosie Winterton – elected Labour MP for Doncaster Central in 1997; former Labour chief whip; elected deputy Speaker in 2017

I do not believe this will have an impact on the Pounds value, but we could see some Pound volatility the closer we get to the December election date.