New York, Jan 30 (AFP) The pound tumbled against the dollar and euro on Tuesday after the British parliament rejected a proposal to delay Brexit.Also Read - Virat Kohli Fumes at Journalist During PC For Asking 'Will You Drop Rohit Sharma?' After Pakistan Hammer India in T20 WC
On a mixed day for global stocks, the trajectory of Britain’s departure from the European Union was as murky as ever after a series of votes in parliament that included a rejection of a proposal to order the Prime Minister Theresa May to delay the exit if no new deal with the EU emerged by February 26. Also Read - DRDO Recruitment 2021: Apply Online For 116 Apprentice Posts. Check Details Here
Parliament then went on to vote 317 to 301 in favour of the amendment asking May to replace the deal’s so-called backstop provision preventing a hard border with Ireland — a proposal immediately rejected by an EU spokesman. Also Read - MS Dhoni's Heartwarming Gesture Towards Pakistan Players After Virat Kohli's India Lose T20 WC Game | PICS
Near 2130 GMT, the pound was at USD 1.3069, down 0.7 per cent compared with Monday night and a similar amount against the euro.
Boris Schlossberg, a foreign exchange analyst at BK Asset Management, said the EU and British parliament were in a “game of chicken” over terms to avoid a so-called “hard Brexit,” where Britain exits the bloc without a deal.
Britain is currently scheduled to leave the union on March 29.
“There is a bigger chance than before that we could end up with a hard Brexit,” Schlossberg told AFP, adding that such an outcome was still unlikely.
“The risks have increased because time is ticking and nobody seems to have a realistic solution right now.” (AFP) RCJ 01300446
This is published unedited from the PTI feed.