UK Prime Minister Theresa May has found herself in the spotlight once again as she cancelled the meaningful vote that was set to take place tomorrow. In the House of Commons this afternoon the PM admitted that she would have lost the meaningful vote which caused the pound to crash against the US dollar. Furthermore the PM went on to say she will try to seek further reassurances from the EU this week in a bid to persuade MPs to back her Brexit plan.
At the time of writing this article GBP/USD exchange rates have plummeted 1.22% throughout the day, making a $200,000 nearly £2,000 more expensive. All eyes will now turn to the discussions being held later in the week. If the PM fails to get any further reassurances you would expect the pound to fall further against the US dollar as Theresa May’s position as PM could be coming to an end.
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