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Sterling plummets on reports UK government could pull Parliament’s vote on Brexit


Prime Minister Theresa May leaving 10 Downing Street, London, ahead of Prime Minister's Questions. 

Victoria Jones – PA Images | PA Images | Getty Images

Prime Minister Theresa May leaving 10 Downing Street, London, ahead of Prime Minister’s Questions. 

Reports that Tuesday’s Brexit vote in the U.K. parliament has been delayed by Prime Minister Theresa May has sent sterling reeling.

The pound fell to $1.266, a level not seen since June 2017, following several media reports that May had gathered senior aides at a Monday morning meeting in 10 Downing Street to discuss pulling the vote.

The political editor of The Sun newspaper said on Twitter that the meeting would decide the fate of the vote.

That assertion was supported by the BBC’s political editor who said she had heard that the vote would likely not happen on Tuesday.

However in a phone call to CNBC, a press officer to 10 Downing Street said the vote was still on track for Tuesday night.

“The spokesperson gave a briefing not long ago to say that the vote is going ahead tomorrow as planned, there is nothing else to add at this stage.”

Members of the U.K.’s main opposition Labour Party have reportedly said that May will now provide an update on Brexit to the House of Commons on Monday afternoon at 3:30 p.m. London time.

Any delay would be seen as an attempt by the government to return to the negotiating table with the European Union and seek terms more amenable to U.K. lawmakers.

The climb-down will be seen as a failure on the government’s part to persuade enough lawmakers that the draft Brexit deal with Brussels is the best possible arrangement.





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