Despite a last-minute round of defections from some Labour MPs and Tory Brexiteers, what reporters jokingly referred to as “meaningful vote 2.5”, the third vote on May’s withdrawal agreement, has been defeated 344-286, a margin of about 60 votes.
In a speech after the result, May raised the possibility of new elections. The pound tumbled on the results.
Cable started weakening ahead of the vote on speculation that the group of Brexiteer Tories voting against the bill would be large enough to hand May a third defeat. Reports attributed to SNP MPs about a “sizable” group of Tories massing in the ‘no’ lobby pushed the currency even lower. Early reports estimated that the vote would fail by roughly 50 votes.
May ended the debate on Friday with an impassioned speech, telling MPs that she was “prepared to leave this job earlier than I intended to secure the right outcome for our country.” She also said there would need to be a “greater involvement of Parliament” during the next phase of talks with the EU, when the two sides will hash out the details of their future relationship.
While Friday’s defeat is yet another major setback for the prime minister, who will now presumably push for a much longer Article 50 extension that could last for months or even years, the margin was better than the last two votes, indicating that May has made progress – just not enough to finally deliver Brexit.
via ZeroHedge News https://ift.tt/2HMvvvM Tyler Durden