Investing.com - Just 15 days before the U.K. is set to leave the European Union, U.K. Members of Parliament vote on whether to delay the exit day beyond the 29 March.
Ministers rejected the prospect of leaving the bloc without a deal on Wednesday evening, marking another defeat for Prime Minister Theresa May and paving the way for Thursday’s vote for an extension. The PM’s withdrawal agreement suffered another overwhelming loss on Tuesday evening.
The pound rallied to nine-month highs on Wednesday evening as an extension to the 29 March deadline looked increasingly likely after MPs effectively ruled out a disorderly exit.
At 17:25 GMT, ahead of the results of the vote, GBP/USD was down 0.51 percent to 1.3268.
May said on Wednesday that parliament would need to indicate how it would like to proceed with Brexit before the EU grants an extension. All 27 member states of the EU have to agree to the extension.
It is thought that May will call a third vote on her deal as she looks to garner support from the Brexit faction within her party.
MPs first vote on a series of amendments to the motion. In the first amendment of the session, parliament voted 85 to 334 against a second referendum.
Watch the results of the amendments and vote to extend Article 50 live in the video below:
Video from The Guardian YouTube