Brexit: Quick Response

The “meaningful vote” on UK Prime Minister Theresa May’s Brexit-bill has transpired, and as expected, it has suffered a convincing defeat.

In fact, it was a whole lot uglier for Prime Minister May than expected.

She lost the count 432 to 202.

The floor of the House of Commons broke into a cacophony after the result was announced, as its wont to do.

Prime Minister May’s response to the House’s verdict was well prepared. She would have known that a loss was upon her.

The Prime Minister assured she will come back with an amendable motion for Parliament on Monday.

Opposition Labour leader Jeremy Corbyn chastised the Government in his response; and tabled a no-confidence motion.

That vote will now take place tomorrow. A successful vote on the motion would lead to a general election.

However, the Democratic Unionist Party (DUP) have already stated that they will support Prime Minister May’s government in tomorrow’s vote.

The pro-Brexit European Research Group have stated that they will do the same.

Many MP’s also took the stand to speak on the vote’s outcome.

Liberal Democrat deputy leader, Jo Swinson, called for a second referendum, while many others demanded an extension to Article 50.

The European response was swift. European Commission President Jean Claude Juncker’s office released a statement expressing the bloc’s regret at the decision, while reaffirming that the existing Brexit deal is not up for renegotiation.

The market response to the morning’s events has so far been a classic case of “buy the rumour, sell the fact”, it seems.

The GBP/USD leapt from its intraday lows on the news, rallying from 1.269 to above the 1.28 handle in the immediate aftermath of the vote.

Wall Street stocks fell initially, only to recover their losses into the market’s close.

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