Pound swings wildly after May's Brexit deal defeated

A video grab from footage broadcast by the UK Parliament's Parliamentary Recording Unit shows Speaker of the House of Commons John Bercow speaking in the House of Commons regarding the selection for a vote of an ammendment to the Brexit withdrawl

Commons speaker John Bercow met with remainer Dominic Grieve earlier this week

"Or did we let the British people down?"

The next general election is scheduled to be held on May 5, 2022.

May added: "And to those who think we should reject this deal in favour of no deal, because we can not get every assurance we want, I ask what would a no-deal Brexit do to strengthen the hand of those campaigning for Scottish independence - or indeed those demanding a border poll in Northern Ireland?"

"At every turn the Prime Minister has closed the door on dialogue".

Hilary Benn, a Labour lawmaker and chairman of the Brexit Committee, on Tuesday withdrew an amendment he proposed a year ago which had been created to show a Parliamentary majority against a no-deal divorce.

That leaves the agreement facing likely defeat on a day of political drama brimming with a very British mix of high drama, low insults and convoluted parliamentary procedure.

May's choices are limited by the fact that her Conservative party does not have a majority in Parliament and that there are competing interests between those who want a clean break from the European Union those that want to preserve close ties and an opposition party eager to come power. May postponed a vote on the deal in December to avoid certain defeat, and there are few signs sentiment has changed significantly since then.

MPs will also get to vote on amendments that could reshape the deal.

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In the last few weeks May has sought new reassurances on the deal's most contentious section, an insurance policy known as the "backstop" created to prevent the reintroduction of border controls between the U.K.'s Northern Ireland and European Union member Ireland.

The Democratic Unionist Party (DUP) and its 10 MPs have already stated they will vote the against the deal.

We're seeing exporters tell us that exporting is going to be down in the next quarter.

Demonstrators protest opposite the Houses of Parliament in London.

The Government's draft Withdrawal Agreement was voted down by MPs by 432 to 202 against the deal - a defeat of 230.

May urged lawmakers on Monday to take a second look at her deal but parliament appeared set to reject the agreement in a voting session due to start at 7pm local time on Tuesday (3am Singapore time on Wednesday).

Corbyn will face intense pressure from many Labour lawmakers and grassroots activists to back a second referendum as the only way to break the impasse if he fails to force an election.

Some of the hardline Brexiteers, including former Foreign Secretary Boris Johnson, former Brexit Secretary David Davis and staunch Remainer MP Anna Soubry, openly said they would reject the deal. Economists warn that an abrupt break from the European Union could batter the British economy and bring chaotic scenes at borders, ports and airports.

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Political paralysis in Westminster is more likely to lead to "no Brexit" and the United Kingdom staying in the European Union, Prime Minister Theresa May warned on Monday (14 January) as she launched a last-ditch attempt to save her Brexit deal.

If May's deal is rejected, she has until the following Monday to come back to Parliament with a new proposal.

It is not clear that this plan is technically possible, or whether it has enough support to succeed.

May has refused to budge over her deal despite criticism from all quarters.

Opposition Labour leader Jeremy Corbyn said May had "completely and utterly failed" to ease MPs' concerns and said if she loses the vote on Tuesday night, she must call an election.

Mr Corbyn indicated he was finally ready to table a vote of no-confidence in the Government if it loses in the Commons.

If the motion passes - and a new government with the support of a majority of MPs can not be formed within a fortnight - Parliament will be dissolved and an early election called.

May must submit a new plan for Britain's next steps by the end of 21 January.

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