Pound under pressure ahead of Brexit delay vote

Pound under pressure ahead of Brexit delay vote

After the Commons voted against no-deal Brexit, Prime Minister Theresa May said she would ask for "a short, limited technical extension", but warned that in the absence of support by parliament "there will need to be a much longer extension" to the 29 March departure date.

The government motion to extend Article 50 beyond the official Brexit deadline day, seeks a delay until June 30, on the condition MPs back May's negotiated deal by March 20. Another will try to prevent May bringing her European Union twice-rejected divorce deal back for a third vote.

Among the 17 Tories who defied the party whip was work and pensions minister Sarah Newton, who resigned from her post in order to do so.

Guy Verhofstadt, leader of the European Parliament's Brexit committee, tweeted that he is "against any extension of Article 50 (the Brexit process), even for just 24 hours, if it is not based on a clear majority from the House of Commons in favor of something".

If they don't, the UK faces a hard exit from the European Union, an eventuality many officials in the US, UK and Europe believe could cause economic turmoil.

Mrs May will look to break the Brexit deadlock by resubmitting her beleaguered deal to MPs as early as Monday or Tuesday next week. The latter scenario - dubbed a "no-deal Brexit" - would, according to most experts and critics, be an unprecedented act of economic self-harm.

Dr Wollaston told the Press Association: "The disappointing thing is that the Labour Party, having said they would support a people's vote, clearly haven't supported a people's vote".

If the deal is voted down, MPs will Wednesday vote on whether Britain should simply leave on March 29 without any deal at all.

The government's confidence and supply partners, the DUP, and the hard-Brexit supporting European Research Group (ERG), have already indicated that they will again vote against Mrs May's deal - making the prospect of the deal passing extremely unlikely.

Lawmakers have held a series of votes on how to proceed with the Brexit deadline two weeks away.

The pound tumbled on Tuesday after the United Kingdom government's top legal advisor cast doubt on Prime Minister Theresa May's last-gasp changes to her Brexit deal hours before a vital vote that few think May can win. Campaigners for a new referendum are divided over whether the time is right to push for a second Brexit vote.

This rejected the Prime Minister's deal and asked for parliamentary time to find a majority for a different approach to Brexit.

"The EU will want to know what use we mean to make of such an extension and this House will have to answer that question".

"If, to get the votes for that, the PM has to promise that she will go after the withdrawal treaty is secure, to allow a new leader to reunite the country and oversee the next stage, she should".

A spokesman for European Commission President Donald Tusk said the remaining 27 EU member states regretted the outcome of the vote.

Another eurosceptic Conservative lawmaker, Andrew Bridgen, said parliament no longer represented "the people", who had voted for Brexit, by 52 percent to 48, in a referendum in 2016. The motion is not legally binding and does not rule out Britain leaving the EU.

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