Investing.com - Prime Minister Theresa May makes a statement in parliament on the status of Brexit.
Sterling rallied on Tuesday morning following reports that both major U.K. parties were shifting their policies in order to prevent a catastrophic ‘no deal’ Brexit.
The opposition Labour party came out in support of a second referendum if no parliamentary majority can be found for a withdrawal agreement that would ensure a smooth transition to life outside the European Union.
A second referendum could open up the possibility for the U.K. to reverse Brexit and remain within the EU.
Theresa May met with her Cabinet on Tuesday morning to reach a consensus on the Brexit deal. The Sun newspaper reported that the PM will formally rule out a no deal Brexit during the meeting.
Pressure was on the PM to rule out a no deal Brexit after some Cabinet threatened to resign unless the PM took no deal off the table.
There are just 31 days to go until the U.K. is officially scheduled to leave the European Union, however an extension to Article 50 could be on the cards to buy more time for the government to secure an orderly divorce from the European Union.
Watch the Prime Minister’s statement from the House of Commons live in the video below: