Pound falls against the dollar and the euro as MPs reject plans to block no deal Brexit
- Pound was down about 0.5 per cent against the dollar and the euro tonight
- Sterling dipped as Yvette Cooper plan to delay Brexit to avoid no deal defeated
- The currency is still stronger than a week ago and higher than on January 1
The pound fell against both the euro and the dollar tonight as MPs rejected moves to rule out no deal.
Defeat for a plan from Labour MP Yvette Cooper to delay Brexit if there is no deal in place by February 26 saw sterling plunge by about 0.5 per cent.
At 8.20pm, the pound was worth 1.14 against the euro and 1.30 against the dollar.
The pound fell against both the euro and the dollar tonight as MPs rejected moves to rule out no deal (pictured is sterling vs the dollar today)
At 8.20pm, the pound was worth 1.14 against the euro (pictured) and 1.30 against the dollar
It is still stronger than it was a week ago and higher than either the turn of the year or the immediate aftermath of Brexit deal being crushed on January 15.
Ms Cooper’s amendment was comfortably defeated by 23 votes, 321 to 298, as the Commons appeared to back the Prime Minister’s plan to renegotiate the backstop.
An amendment from Tory Sir Graham Brady is expected to carry later this evening after it was endorsed by Mrs May.
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Proposals from Labour leader Jeremy Corbyn, SNP leader Ian Blackford, Tory Dominic Grieve and Labour MP Rachel Reeves have also been defeated.
The humiliation for Remainers came after Mrs May urged wavering Tories to hold off rebelling, promising it would not be their ‘last chance’ to avoid no deal.
‘I will never stop battling for Britain, but the odds of success become much longer if this House ties one hand behind my back,’ she said.
In her final message before the Commons showdown began, the PM admitted she must attempt to renegotiate the Withdrawal Agreement, and appealed for MPs to vote for an amendment that would give her a ‘mandate’ to demand the Irish border backstop is replaced.
Mrs May has also vowed to look ‘seriously’ at a Plan C hammered out by pro-EU and Eurosceptic Tories – which would involve demanding a much looser backstop, and if that could not be agreed asking for a longer transition period to seal other trade arrangements.
Brexiteers believe approving the Brady plan could be a first step towards securing their vision.
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