Published: Wed, January 16, 2019
Markets | By Otis Pena

Pound swings wildly after May's Brexit deal defeated

Pound swings wildly after May's Brexit deal defeated

UK MPs have voted down Prime Minister Theresa May's Brexit deal.

The 230-vote margin of defeat was by far the worst suffered by any government in a meaningful division since at least the First World War and in normal circumstances would be enough to force a prime minister from office.

'It's no particular cause for rejoicing for me, after all I've been trying for so long to get the government back in the place the PM was in her Lancaster House speech previous year, ' he said. "In the general election he said in his manifesto, 'freedom of movement must end, ' on Sunday he said 'I'm not against the free movement of people'".

"The House has spoken and this government will listen", she told MPs.

While they all publicly supported Mrs May's deal, it is clear that those around the Cabinet table privately held very different visions for post-Brexit Britain.

"But it's up to senior parliamentarians to say what they do want, because we clearly know what they don't want".

What is a Parliamentary vote of no confidence?

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If a new deal is agreed by Parliament, the government could go back to Brussels in an attempt to renegotiate a deal.

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With the Prime Minister steadfastly refusing to tell ministers what her Plan B was, half of the Cabinet wanted her to take a no-deal Brexit off the table while others would rather have no deal than no Brexit.

The spokesman added that the Government was "quite clearly unable to govern", and said the "unprecedented" scale of the defeat made clear that "no amount of tweaking or talks on the detail are going to change that".

"It is also time for Jeremy Corbyn to find his backbone, drop his plans for a Labour-led Brexit, and back our calls for a People's Vote".

Heavily pregnant Labour MP Tulip Siddiq, who postponed her planned Caesarean in order to vote, attended the Commons in a wheelchair.

"The risk of a disorderly withdrawal of the United Kingdom has increased with this evening's vote", Juncker said in a statement following the British parliament's rejection of a Brexit deal with the EU. ‪Only three Labour MPs voted for May's deal - Ian Austin, Kevin Barron, John Mann - plus Frank Field, who now sits as an Independent.

The deal was agreed with the European Union in November after 18 months of talks described as Britain's toughest since World War II.

If the Government loses, the Act states there must be an "early" election unless the Government can regain the confidence of the House by winning a confidence vote within 14 days.

Following the likely outcome of the confidence vote tomorrow, Corbyn will face pressure from Labour MPs and activists to back a fresh European Union referendum.

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