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Pound Pares Losses After UK Lawmakers Vote Down PM May's Brexit Deal


© Reuters.

Investing.com – The pound was down Tuesday but off its lows after UK Prime Minister Theresa May’s Brexit deal was voted down by a hefty margin.

fell 0.16% to $1.2842 following the outcome of the vote. It was down close to $1.27 before the vote, but pared losses following the large defeat, with many perhaps betting that Brexit will be delayed or even scrapped.

The withdrawal deal, which sets out the terms of the U.K.’s exit from the European Union, received 202 votes for and 432 against. The no votes included 118 Conservative Party rebels.

Just after the vote, Labour leader Jeremy Corbyn tabled a motion of no confidence in the government. No confidence would trigger a general election, but May has retained key support from the 10 members of Northern Ireland’s Democratic Unionist Party.

Some have suggested the heavy margin of defeat could either delay Britain’s March 29 departure date or bring about a second referendum that could end up cancelling Brexit.

The government has until Jan. 21 to propose another way forward.

The EU is ruling out a special summit or the reopening of the Withdrawal Agreement, the BBC reported.

JPMorgan recently highlighted a range of options could be put forward, including an extended stalemate, second referendum and even no Brexit.

Ahead of the vote on May’s deal, U.K. lawmakers had the opportunity to reshape the deal by voting on a series of amendments, which were reduced to one from four.

Conservative MP John Baron’s amendment to give the U.K. the right to terminate the Northern Ireland backstop without the agreement of the EU was defeated by a majority of 576.

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