MPs vote for Brexit delay, May gets third go with her deal

Members of Parliament voted to seek an extension to Brexit beyond 29 March from the European Union, giving Theresa May one more chance to get her withdrawal agreement through Parliament.

The overwhelming majority of MPs – 412 to 202 – supported the motion setting out the option to ask the EU for a short delay if Parliament can agree a Brexit deal on or by 20 March and a longer delay if no deal is agreed in time. The UK prime minister will meet with EU leaders at a summit on 21 March to set out the timetable for a third vote on her withdrawal agreement.

Attorney General Geoffrey Cox has updated his legal advice on the Northern Irish border issue. Cox told members of the European Research Group of Eurosceptic Tory MPs and Northern Ireland’s Democratic Unionist Party (DUP) that a permanent backstop can be avoided under the terms of the Vienna Convention. However, the advice appears to have fallen on deaf ears.

Aside from Brexit, market participants will keep an eye on the Eurozone’s Consumer Price Index (CPI) release at 10:00 (GMT). I do not expect the data will cause much fluctuation in currencies as Brexit will continue to dominate headlines.

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