British Parliament rejects Prime Minister May's Brexit deal

The U.K. Parliament voted against Prime Minister Theresa May's Brexit deal on Tuesday, leaving Britain with further uncertainty. 432 members of Parliament voted against it, while 202 voted in favor. May's government now has three days to present an alternative plan in Parliament. That said, the opposition Labor Party leader Jeremy Corbyn will bring a vote of no-confidence in the government, which will be debated in Parliament on Wednesday. If May's government loses the vote, fresh elections would be triggered. The option of a so-called hard Brexit, where the U.K. crashes out of the European Union without a result, is also still on the table now. The British pound , which was sharply lower versus the U.S. dollar ahead of the vote, retraced some of its losses but remained solidly in the red in response to the vote. Sterling last bought $1.2760, down 0.8%, according to FactSet. The euro-sterling pair was meanwhile slightly lower, with one euro buying £0.8909, down 0.1%.

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