No Brexit vote today! GBP/USD hits 20-month low as May postpones Brexit deal vote.
On Monday afternoon, Theresa May revealed the Brexit deal vote would be postponed after a group of Conservative ministers reportedly advised her to do so rather than risking a humiliating defeat by up to 100 of her own MPs.
In a statement at 15:00 GMT to parliament, Theresa May said:
“If we went ahead and held the vote tomorrow, the deal would be rejected by a significant margin. For as long as we fail to agree on a deal, the risk of an accidental ‘no deal’ increases.”
The vote could take place next week or be delayed until early January, allowing less time for Brexit legislation to be passed through parliament before 29 March.
The ultimate deadline for the vote is 21 January.
News of the delay plunged the pound into chaos, hitting a 20-month low of $1.2515 against the US dollar.
GBP/USD opened at 1.25588, down 1.26% from Monday’s open, 1.27186.
Do you think the British pound will recover after the recent troubles?
Good luck & trade safely.