Sterling Rallies As UK Parliament Votes To Reject No-Deal Brexit, 312 To 308

Cable was extending its gains as the UK parliament headed into its vote on a no-deal brexit.

Bloomberg’s Emma Ross-Thomas points out, while lawmakers are set to walk away from the cliff’s edge by taking the threat of a no-deal Brexit off the table, in some ways the recent events amount to an “own goal” (in football parlance) for Brexiteers. For those wanting a clean break from the EU, nixing May’s deal raises the potential for a “soft” Brexit down the line, or even a second referendum on leaving at all.

So what is the government motion being voted on tonight? Here it is, in its own words:

“That this House declines to approve leaving the European Union without a Withdrawal Agreement and a Framework for the Future Relationship on 29 March 2019; and notes that leaving without a deal remains the default in UK and EU law unless this House and the EU ratify an agreement.”

And the vote is in – the UK parliament rejects a No-Deal Brexit by 312-308.

Sending Cable higher…

U.K. Prime Minister Theresa May is now planning to ask the European Union for an extension to the March 29 Brexit deadline lasting about two months, according to people familiar with the matter.

May is planning to set out next steps and how the extension to the Article 50 deadline will work with Parliament due to vote on whether to extend the deadline on Thursday.

via ZeroHedge News Tyler Durden

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