(Bloomberg) — Boris Johnson spooked markets by putting the threat of a no-deal Brexit back on the table. His plan to change the law to ensure the transition phase in the U.K.’s divorce from the European Union is not extended past Dec. 31, 2020 triggered a sharp fall in the pound and a warning from the bloc to prepare for a new “cliff-edge situation.”Must read: Boris Johnson Revives No-Deal Brexit Threat With Change to LawKey Developments:Prime minister plans to change law to prevent extension of Brexit transition period; pound erased gains made since the electionJohnson is chairing first cabinet meeting since last week’s electionMembers of Parliament will be sworn in from todayParliamentary Labour Party meets this evening for the first time since its comprehensive election defeat, with candidates to replace leader Jeremy Corbyn already jostling for positionTory Voters Get Younger (11:25 a.m.)Conservative voters got younger on average in Thursday’s election compared with 2017, according to pollster YouGov. Two years ago, the age at which a voter was more likely to vote Tory than Labour was 47. This time around it was 39, according to YouGov’s survey of 42,000 people.The survey also found that class is no longer a key indicator of how people vote, with the Tories beating Labour in every social grade group.Tuesday’s Ceremonial Proceedings (11 a.m.)Tuesday’s proceedings in the House of Commons are largely ceremonial and start at 2:30 p.m. Initially, they’ll be presided over by the longest-standing Member of Parliament, Father of the House Peter Bottomley. Then, through a process that involves Sarah Clarke, a senior Commons official known as “Black Rod” and MPs processing to the House of Lords and back, Speaker of the House Lindsay Hoyle is set to be re-elected.Shortly afterward, MPs will be sworn in one-by-one, taking an oath of allegiance to the crown — or making a solemn affirmation that doesn’t make reference to God. They must do so in English and can follow it with an oath or affirmation in Welsh, Scottish Gaelic or Cornish.Johnson: Voters Have High Expectations (10:45 a.m.)Boris Johnson hosted the first meeting of his cabinet since the election and invited the TV cameras in as he addressed his top team, repeating lines from his stump speech during the campaign.“People have a high level of expectation and we have to deliver for them,” he said. “There’s a huge, huge agenda of delivering social justice and addressing every problem from social care to homelessness.”The prime minister also emphasized the importance of swift action to seal the support of people in traditionally Labour voting areas who backed him in last week’s vote. “We must recognize that people lent us their votes at this election, It was quite a seismic election but we need to repay their trust and work 24 hours a day, work flat out, to deliver on this.”Gove: U.K. Can Get EU Trade Deal in Time (Earlier)Cabinet minister Michael Gove said the next phase of Brexit negotiations on a free-trade deal will be concluded by the end of the transition period which expires on Dec. 31, 2020, meaning the U.K. will avoid a no-deal divorce from the European Union.“We’re going to make sure we get this deal done in time,” Gove told the BBC on Tuesday, adding that the bloc has promised to conclude negotiations by the end of 2020. “We’ve seen before how deadlines can concentrate minds.”But EU leaders have warned it’s highly unlikely negotiators can complete the kind of deal Johnson wants in time, pointing out that Canada’s agreement with the EU — the model he refers to — took seven years to finalize. Sabine Weyand, director general for trade at the European Commission, said Johnson’s move meant the bloc should prepare for a potential “cliff-edge situation.”Rayner, Long-Bailey in Leadership Pact: Guardian (Earlier)Angela Rayner is ready to stand aside in favor of her friend and shadow cabinet colleague Rebecca Long-Bailey in the race to succeed Jeremy Corbyn as leader of the Labour Party, the Guardian reported.Rayner will instead concentrating on running for the deputy leadership of the party, which was comprehensively beaten in last week’s general election, the Guardian said, citing unidentified allies of the two women.Read more: Life After Corbyn? The Politicians Vying to Become Labour LeaderEarlier:Boris Johnson Revives No-Deal Brexit Threat With Change to LawPound Election Rally Erased by Johnson’s 2020 Brexit PledgeLife After Corbyn? The Politicians Vying to Become Labour Leader–With assistance from Greg Ritchie and Thomas Penny.To contact the reporters on this story: Alex Morales in London at amorales2@bloomberg.net;Kitty Donaldson in London at kdonaldson1@bloomberg.netTo contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Stuart Biggs, Thomas PennyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.