Pound plunges to an 18-month low against the dollar as May pulls crunch vote on her Brexit deal in the face of overwhelming opposition from Tory MPs
- The pound was down almost 1% against the Euro and Dollar as vote was pulled
- Sterling is at its weakest point since the summer and still falling amid chaos
- More than 100 Tories declared against the deal leaving May facing humiliation
The pound plunged today as Theresa May pulled the crunch vote on her Brexit deal to avoid a humiliating defeat.
The markets reacted in moments as new leaked out from Downing Street the long-awaited showdown was off.
At around 12.25pm, the pound was off 0.79 per cent against the Euro at 1.10 and down 0.55 per cent against the dollar at 1.26.
It is the lowest level for months and reflects uncertainty in the City about the prospect of there being a Brexit at all.
The Prime Minister will hope to steady the markets with a statement to the Commons at 3.30pm today.
At around 12.25pm, the pound was off 0.79 per cent against the Euro (left) at 1.10 and down 0.55 per cent against the dollar at 1.26 (right)
The PM is set to delay a showdown Commons vote tomorrow to avoid catastrophic defeat.
Mrs May has been locked in intense talks with allies and aides as they try to find a way through the dire situation.
Some 110 Tory MPs are pledged to oppose the plan, making victory all-but impossible as they line up with Labour, the SNP, and the Lib Dems.
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A series of Cabinet ministers and a spokeswoman for the PM all publicly insisted this morning that the vote was ‘going ahead as planned’.
But within an hour three senior sources told MailOnline they are certain that the Commons showdown will be put off.
A decision is expected to be formally confirmed at the end of the call. The new timings are unclear, but under the EU Withdawal Act the government must lay out its plans to Parliament by January 21 at the latest.
The Prime Minister (pictured in Downing Street today) will hope to steady the markets with a statement to the Commons at 3.30pm today
Mrs May is making what could be an agonising statement to MPs later this afternoon.
She will also have to navigate a potentially tricky procedural vote in order to put the vote off.
A climbdown will allow Mrs May to avoid catastrophic defeat, and go back to Brussels to try to get more concessions.
But it would also demonstrate how low her authority has sunk.
The EU has also flatly dismissed the idea that there could be substantive concessions on the divorce package, with Irish deputy PM Simon Coveney insisting the deal ‘will not change’.
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