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Pound Jumps On Reports May To Let MPs Vote On ‘Second Referendum’

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Brexit-related volatility is back for the pound as reports that Theresa May might offer MPs a vote on a second referendum has renewed hopes that Brexit might be abandoned altogether.

May reportedly ran the plan by her cabinet, but according to some reports, she backed down after Brexiteers in her cabinet refused to back the plan.

https://platform.twitter.com/widgets.js

Earlier today, the pound reacted to news that May would be holding a press conference to outline a new Brexit proposal.

  • MAY POISED TO OFFER MPS VOTE ON HOLDING 2ND BREXIT REFERENDUM
  • VOTE ON 2ND REFERENDUM CONDITIONAL ON BILL PASSING 1ST STAGE
  • PARLIAMENT WOULD VOTE ON PUTTING BREXIT DEAL TO REFERENDUM

It’s unlikely that a second referendum would be approved, as the indicative votes held back in March showed it wouldn’t have the support of a majority of MPs, but the fact that a “People’s Vote” on May’s deal is back in the conversation is enough to ignite hopes that Brexit will simply be abandoned.

GBP

May will be speaking shortly.


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About The Author

Tyler Durden

Zero Hedge's mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information's unending quest for freedom. Visit https://www.zerohedge.com

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