Brexit: Parliament Rejects Theresa May’s Deal

Theresa MayTheresa May speaks to journalists as she arrives for a meeting of European Union leaders in Brussels, Belgium, on Oct. 19, 2017. Photographer: Jasper Juinen
  • Brexit: Parliament Rejects Theresa May’s Deal

British parliament on Tuesday rejected Prime Minister Theresa May’s Brexit deal in a humiliating defeat.

The House of Commons voted 432-202 to reject the deal after 18 months of back and forth discussions to get the draft ready. Making it the largest parliamentary loss in over a century.

The United Kingdom voted to leave the European Union two years ago to forge a new path as a sovereign nation, but the U.K. political divide is weighing on its ability to reach an agreement with the European Union.

“It is clear the House does not support this deal,” May told lawmakers following the vote. “But tonight’s vote tells us nothing about what it does support,” she said, pledging to talk to her Northern Irish allies and senior politicians across Parliament to try to reach a consensus. “The government will approach these meetings in a constructive spirit.”

A government spokesman said the Prime Minister does not believe the deal is dead and that cross-party discussions could be the basis for future agreement.

The pound pared losses on the news of cross-party, rebounding to 1.2854 against the U.S dollar after falling to 1.2667 during the vote.

A vote of confidence in May’s government will be cast on Wednesday at 7 pm London time.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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