The Brexit vote last night went similar to expectation with Theresa May losing the vote to approve the withdrawal agreement. However, what came as a shock to the PM was the meaningful vote showed only 202 voting in favour of the deal, with 432 voting no and a majority of 230 rejecting the deal on offer.
The majority of 230 votes against the deal is the biggest defeat for a government since 1924.
Opposition leader Jeremy Corbyn has tabled a motion of no confidence in the government following its defeat in the House of Commons last night and this will be debated later on today.
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As we saw recently Theresa May survived the recent vote of no confidence but with a total of 118 Tories rebelling against the Brexit deal could this be the end for Theresa May? The DUP has already confirmed that they will support Theresa May and if MPs vote to back a no confidence motion then the Government will have two weeks to win the vote and if unsuccessful this could move us towards a general election. My personal opinion is that Theresa May will find enough support to remain in her position as Prime Minister.
The news has seen GBPEUR exchange rates move in an upwards direction as it appears as though the UK is no closer to an answer on Brexit and although we are only a few weeks away from the 29th March the real issue of concern is that could this move us closer to a 'no deal' Brexit. Personally I think there is enough support to reject a no deal but could this move the UK towards trying to extend Article 50?
We are now 72 days away from the date the UK is due to leave the European Union and the Government now have another three days to come up with an alternative option. With the European Court of Justice having commented on a number of occasions that the UK can even cancel Article 50 without having to get the agreement of the other nations within the EU this has given the Pound strength across the board.
Although we are still experiencing a lot of uncertainty in terms of what will happen next with the relationship between the UK and the European Union, it does mean that the likelihood of a no deal is minimal. This is why we have seen some support for the Pound. Since the decision last night, EU Commission President Jean Claude Juncker has claimed that he does not want to see a 'no deal Brexit' and this is another reason for the Pound finding support.
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