Pound exchange rates have fallen from this weeks highs of 1.1750 falling today as lows as 1.1550 as MP’s voted down Prime Minister Theresa May’s Brexit vote for the third time. On the day the UK was officially due to leave the European Union this was another significant loss for the PM.
With a clear majority in the Commons (the government lost by 344 votes to 286) against a no-deal Brexit, and with MP’s holding more votes on alternative plans on Monday, Mrs May said that the UK would have to find “an alternative way forward”
What can we expect now?
Courtesy of the BBC below you can see a detailed flow chart of the next steps. As you can see there is a real chance of a ‘no deal’ Brexit come the 12th April, however my gut feeling is a further extension will be requested and we may well be heading towards some further significant political turmoil and volatility in the form of a general election, further uncertainty for the pound. We will update details regarding Mondays votes next week.
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