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30th January 2019
Theresa May wins vote to reopen Brexit negotiations

Theresa May has secured the backing of the House of Commons as MPs voted 317 to 301 in favour of her amended Brexit plan, proposed by Tory backbencher Graham Brady, which seeks for “alternative arrangements” to be made, including replacing the Irish backstop. Although a plan has been put in place, it is inevitable that there will be a clash with the EU, as even May admitted that the negotiations with Brussels will be difficult. For this reason, markets initially remained cautious, with the pound weakening on the news that the amendment put forward by Labour’s Yvette Cooper that sought to delay the date of Brexit was rejected. Sterling opened firmly on Wednesday however, as markets digested the news that May will be heading to Brussels with a Plan B for Brexit. The focus will now be on what the EU can offer in the renewed discussions.