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  • What happened with the Vote tonight?
  • Another defeat for PM May’s Withdrawal Agreement - defeated by 149 votes (391 votes against 242 in favour), around the midpoint of estimates going into the vote.
  • How did markets react?
  • Sterling rallied post the vote. Despite it being a bad outcome for the PM’s deal (being firmly rejected by Parliament), Teresa May confirmed tomorrow's vote on a 'No Deal' which she also confirmed was a free vote. If that fails to pass then a vote on an extension to Article 50 will take place
  • Euro/Sterling fell immediately after the vote, from 0.8650 to 86p, but has since stabilised. Given the Withdrawal Agreement is unlikely to pass before the 29th March deadline, any Sterling gains may be limited in the short-term.
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