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.
More on this – as per @rowenamason , sources say Brexiteer ministers pushed back PM suggestion of putting customs union and second ref on face of the bill – in nerd terms this is a big deal https://t.co/BOawztavlV
— Laura Kuenssberg (@bbclaurak) May 21, 2019
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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.
May will be speaking shortly.
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