Pound crashes after MPs vote against delaying Brexit

Pound crashes after MPs vote against delaying Brexit

Barley said it will be "difficult" if they want to renegotiate, "because the European Union can not make more concessions to Britain on the important points".

However, Brussels has repeatedly said it does not want to reopen the treaty, which has been signed off by the other 27 European Union leaders, and has said there must be a "backstop" - an unlimited guarantee to ensure there is no return to a hard border between Ireland and the British province of Northern Ireland.

The amendment of Dominic Grieve from the governing Conservative Party would force the government to allow for six days of debate prior to the official Brexit day on alternatives to the prime minister's plan so that lawmakers would have the chance to reach a consensus on the best way forward.

European Union leaders have ruled out any renegotiation on the Brexit deal, but May urged Parliament to give her a mandate by backing a call for the border measure to be replaced by unspecified "alternative arrangements".

The move would have cleared the parliamentary timetable for MPs to thrash out an alternative Brexit strategy and could have forced May to extend Article 50 to fend off the threat of no-deal. That ended controls along the 500-km (300-mile) land border and set up all-Ireland rules and institutions that make Northern Ireland special within the United Kingdom.

And trade expert David Henig, director of the UK Trade Policy Project at the European Centre for International Political Economy, said it "stands no chance of being acceptable to the EU" as the interim free trade agreement involved would not help avoid border checks.

Sterling is plunging against the U.S. dollar (GBPUSD=X) after a certain major amendment to prime minister Theresa May's Brexit deal was voted down.

She said it was a chance to "tell Brussels that the current nature of the backstop is the key reason Parliament can not support this deal".

MPs have voted to support Prime Minister Theresa May's withdrawal agreement if the controversial Irish border backstop is replaced with an alternative plan. We need to go back into the text of the treaty and solve the problem.

More news: Varadkar Says Troops Could Return to Border in Botched Brexit

Conservative MPs who backed Theresa May's Brexit deal with the European Union when it was defeated this month are planning to ditch their previous support and try to force May to accept a closer relationship with the European Union instead.

Corbyn's amendment was defeated by 296 votes to 327, with MPs thought to have voted broadly along party lines.

The backing of Labour's frontbench for Cooper's amendment had not been certain after Jon Trickett, the shadow Cabinet Office minster, said on Monday voters in his constituency would regard support for the measure as a failure to respect the result of the 2016 referendum.

Many traders expected further gains for sterling on Tuesday, but instead the pound tumbled after lawmakers rejected a plan to legislate a delay to Brexit next month if May fails to secure concessions from Brussels.

Opposition Labour party leader Jeremy Corbyn said his lawmakers would support amendments meant to "block a disastrous no-deal".

On the eve of parliament's vote on unlocking the Brexit impasse, 10 food chiefs plus industry body the British Retail Consortium (BRC) called on MPs to work "urgently to find a solution that avoids the shock of a no-deal Brexit on March 29 and removes. risks for United Kingdom consumers".

Anti Brexit protestor Steve Bray attempts to appear in shot behind a television crew on Abingdon Green, outside the Houses of Parliament, in Westminster, London.

Dr Fox gave a cool reception to a compromise deal put forward by housing minister Kit Malthouse which has won the support of the Democratic Unionist Party.

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