The pound has risen after
MPs voted to reject Theresa May’s Brexit deal by 230 votes.
The vote opens up a range
of outcomes, including no deal, a renegotiation of Mrs May’s deal, or a second
referendum.
Sterling rose 0.05% to
$1.287 after declines of more than 1% earlier in the day.
The currency slumped 7% in
2018 reflecting uncertainty about the terms of the UK’s exit from the European
Union.
MPs voted by 432 votes to
202 to reject the deal, the heaviest defeat for a sitting government in
history.
“A defeat has been broadly
anticipated in markets since the agreement with the EU was closed in November
2018 and caused several members of the government to resign,” said Richard
Falkenhall, senior FX strategist at SEB.
But business groups said
their members’ patience was wearing thin.
“There are no more words to
describe the frustration, impatience, and growing anger amongst business after
two and a half years on a high-stakes political rollercoaster ride that shows
no sign of stopping,” said Adam Marshall, director general of the British
Chambers of Commerce.
He implored MPs to come to
an agreement, and was joined in this plea by business groups including the
Federation of Small Businesses, the Institute of Directors and the
Confederation of British Industry.
Some investors see the
chances of a no-deal Brexit diminishing as parliament exerts more authority
over the process.
“The probability of a no
deal has diminished while the chances of a delay in Article 50, a second
referendum or even, at the margin, no Brexit at all, have all increased. The
consequence of those scenarios has encouraged sterling to rally despite the PM
suffering the worst parliamentary result in a century,” said Jeremy Stretch of
CIBC Capital Markets.
On Friday, hedge fund
manager Crispin Odey, a major donor to the Brexit campaign, said he now
expected the project to be abandoned altogether and that he is positioning for
the pound to strengthen.
Analysis: Simon Jack
The markets were prepared
for her to lose – but the scale of her defeat took most by surprise.
But more surprising still
was the fact that the pound – the first financial responder to political events
– gained in value after the vote – despite many, most, confidently predicting a
crushing defeat would send it down.
So what to make of it?
Using the benefit of hindsight, some are saying that the recent display of
animosity in the House of Commons to the idea of a no-deal Brexit, something
markets are most wary of – has convinced them that outcome is very unlikely.
The other new line is that
this crushing defeat for her Brexit deal, makes no Brexit – at least not on 29
March – a growing possibility. That’s financial markets, which respond in
seconds.
Real businesses are not so
sure. With 72 days to go before the UK is due to leave the EU another milestone
has come and gone with the future no clearer and planning for no deal more
urgent.
But others are concerned
the rejection of Mrs May’s plan makes a no-deal Brexit more likely as other
options become fewer in number.
“A no-deal Brexit means the
public will face higher prices and less choice on the shelves,” said Helen
Dickinson, chief executive of the British Retail Consortium.
“British businesses
desperately need certainty about the UK’s future trading relationship with the
EU and will be severely disadvantaged by a no deal. The time for Parliamentary
games is over.”
While there is speculation
that Britain’s exit from the EU must now be suspended as the most-developed
plan has been scrapped, businesses may not be counting on this, particularly
complicated ones like banks.
“Firms in the finance
industry have put contingency plans in place to minimise disruption for their
customers in a ‘no deal’ scenario but critical cliff-edge risks remain,
including on the transfer of personal data and the operation of cross-border
contracts,” said Stephen Jones, chief executive of UK Finance.
Omar Ali, UK financial
services leader at accountants EY, added: “Firms have no choice but to fully
implement their no-deal plans.”
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