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After days of intense speculations over whether a vote on the proposed agreement between the European Union and the United Kingdom, which have already been approved at the European parliament would happen or not, Prime Minister Theresa May had to abandon the vote on Monday as it became clearer that she is heading for a massive defeat with as many as 110 Conservative MPs would be voting against the agreement, which could result in a challenge to her position.
Mrs. May’s government would now have to get back to the negotiating table with the European Union. The pound suffered sharply against the USD and more importantly against the euro. The single currency is up more than 1.1 percent today, while the USD is up around 0.7 percent against the sterling.
It was first reported by Bloomberg that the vote would not go ahead as planned but the spokesperson for 10 Downing Street confirmed that it would go ahead as planned. The vote was finally abandoned. The Labour Party leader Jeremy Corbyn criticized Mrs. May’s indecisive stance towards the issue and instead called her to adopt his ‘jobs first’ deal.
Prime Minister May is set to address the nation at 3:30 GMT.
