Investing.com - UK Members of Parliament (MPs) vote on Prime Minister Theresa May’s tweaked Withdrawal Agreement ahead of the scheduled departure from the European Union on 29 March.
Many analysts and polls on Tuesday suggest that May will lose the vote by a significant majority with both Leave and Remain factions of the House of Commons opposed to the revisions.
MPs voted 432-202 against the withdrawal agreement on 15 January. Some analysts expect the U.K. Prime Minister to lose by as many as 100 votes.
The Prime Minister was thought to have secured legal assurances from the European Union over the contentious ‘Irish’ backstop late Monday evening in Strasbourg, however legal advice released on Tuesday revived the chances of a disorderly exit.
Legal advice from the U.K. government’s Attorney General Geoffrey Cox suggested that the EU’s assurances do not go far enough to ensure the U.K. will not be trapped in a permanent customs union.
Following Cox’s scrutiny of the bill and a day of debate in the House of Commons, the pound dropped by more the 1 percent against the dollar, reversing Monday’s significant gains.
Ahead of the result at 19:00 GMT, GBP/USD was down 0.63 percent at 1.3078.
If MPs vote down the PM's deal, they will be given another vote on Wednesday to vote against a no deal Brexit followed by a vote to extend Article 50 beyond the 29 March.
Watch the results of the vote in the video below: