The pound is still feeling positive, despite one of the messiest nights for Brexit in the 2 years, 8 months and 19 days since the 2016 referendum.
After a failed 180 from the government, thanks to a baker’s dozen of rebellious Tories, MPs emphatically voted against a ‘no deal’ Brexit on Wednesday night, setting up another ballot on Thursday discussing an Article 50 extension.
Oh, but that’s not all! Theresa May has further complicated matters, claiming that, if the Commons backs a delay, they will ask for a 3 month extension, BUT only if MPs pass the PM’s twice-rejected withdrawal agreement by March 20th. If they don’t, May warned, then the delay could be a lot, lot longer – and force the UK to take part in the European Parliament elections in May – in a naked, desperate attempt at generating support from intransigent Brexiters. All this is before even considering whether all 27 EU countries would unanimously back an extension.
At this point, however, it appears the pound is pretty happy at the prospect of that longer delay, adding 0.4% against the dollar and 0.5% against the euro, taking it above $1.33 and €1.175 respectively. The FTSE, meanwhile, has its feet up at 7150, unwilling to do, well, anything during the week’s chaos.
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