MP's rule out leaving the EU with no deal

Xe Corporate Europe

March 14, 2019 2 min read

In the UK overnight MP’s voted 312 to 308 to reject a no-deal Brexit under any circumstance, against the government’s wishes.

Important to note that the vote last night is not legally binding but does hold considerable parliamentary clout.

The Pound initially strengthened after the vote, hitting nine month highs against the US Dollar and close to a 2-year high against the euro. However, Thursday morning saw the Pound weaken as the markets await the next round of voting later today.

MP’s will vote today on whether to seek an extension of Article 50, delaying Britain’s departure from the EU beyond March 29 deadline. However, all 27 EU members must approve the extension. PM Theresa May is still pushing her Brexit deal and a third vote is due to take place next week on the same deal that has twice been rejected.

The Euro has been stable as EU leaders have said they have done everything possible to help get a withdrawal agreement over the line and that the situation can only be solved in the UK. Donald Tusk said he favoured a long extension if one was asked for – taken to mean a delay of at least one year.

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