The pound climbs 1.7% this week as no-deal Brexit voted down

Sergio Conner
March 16, 2019

Later on, Wednesday (March 13th), the UK MPs voted down a no-deal Brexit option in any circumstances, proffering a breathing space for UK businesses which had been shifting their assets outside the UK in the fear of a no-deal Brexit, which would eventually prevent UK companies to conduct business with other eurozone nations.

The Conservative Party was split down the middle as Parliament voted to delay Brexit beyond its scheduled date of 29 March.

The UK is barrelling towards the 29 March Brexit deadline with no approved European Union withdrawal agreement and a prime minister who appears to have lost control over her bickering cabinet.

If not, she'll seek a longer extension, which, she warns, may kill Brexit.

Seif said shifting beyond the two-stage approach could assuage the concerns of Brexiteer members of parliament, including the European Research Group (ERG), who fear the backstop could leave Britain trapped in the customs union forever against its will.

Mrs May has said she will seek to restrict any Brexit delay until June 30 but Mr Tusk will look to push leaders into accepting a far more gruelling extension to the EU's Article 50 exit clause.

"We've always said in Ireland, if the United Kingdom asks for more time, for one to prevent no deal, a crash-out Brexit happening, but secondly to implement a clear plan and strategy to reflect on and perhaps change direction in regard to Brexit, well then Ireland certainly wouldn't be an obstacle to that", Coveney told a conference.

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The European Council President is one of the EU's longest-standing backers of a second Brexit referendum and still hangs onto hope of being able to influence another vote.

But politically it is now nearly entirely out of reach.

This is more than a quarrel among friends, but a party that is split down the middle on one of the most vital questions this administration has posed, with cabinet ministers, as well as backbench Brexiteers, lining up to disagree with Theresa May.

The Prime Minister survived a no confidence vote from her own party MPs in December, so she can not be ousted by the Conservatives until the end of the year. But Mrs May's party is still severely split, with more than half voting against the delay.

Downing Street said this was a "natural consequence" of Mrs May's decision to offer a free vote on an issue where there are "strong views on all sides of the debate".

Sterling has remained flat on Friday following the currency's best week of trading since January, with the pound finding support following two major Brexit votes in the House of Commons.

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