Pound yo-yos after plunging against the euro and dollar last night when MPs damaged investors' hopes of a soft Brexit
- The pound is plummeting against USD and EUR after rebounding earlier today
- The pound dropped about 0.5 per cent last night after MPs' vote on Brexit plans
- They once again rejected every alternative Brexit plan including customs union
- The result is a blow to Remainer hopes of forcing the PM into backing soft Brexit
The pound has been pushed from pillar to post over the past 24 hours amid the uncertainty over Brexit.
Sterling plunged last night against both the dollar and the euro after the chances of a soft Brexit were damaged when MPs voted against four alternative plans in the Commons last night.
The currency began bouncing back this morning from its position last night, when it was at €1.164 and $1.305.
But it is now sliding down against the dollar again, with the pound dipping to $1.304 while holding steady at €1.164.
Earlier this morning it had hit highs of $1.307 and €1.166 ahead of a Cabinet meeting today to thrash out a way forward.
The results of last nights votes leave the door open to a chaotic No Deal Brexit in less than two weeks if MPs cannot agree a way forward.
The pound has endured a tumultuous morning and has been rising and falling against the US dollar throughout the day amid more uncertainty over Brexit
Sterling has also yo-yod against the Euro following last night's deadlock in the Commons over the future of the UK's relationship with the EU
Yesterday the pound had risen as investors hoped the Government might back a soft Brexit, maintaining close ties to Brussels.
Some ministers including Justice Secretary David Gauke had hinted at a pivot towards a customs union if there was enough support in Parliament.
But defeats for both the customs union and Norway-style deal proposals has left the future of Brexit more uncertain than ever.
MPs also rejected proposals for a second referendum which some campaigners believe would break the deadlock in Parliament.
Speaker of the House of Commons John Bercow announces the results on Monday night. The votes have dealt a blow to Remainer hopes of forcing a soft Brexit
Despite MPs rejecting Mrs May's deal for a third time on Friday, Downing Street has made clear that she intends to to bring it back to the Commons for a fourth vote.
The PM has promised to step down before the next stage of negotiations but her announcement has yet to persuade enough Tory MPs to back her deal.
A letter to the Prime Minister signed by 170 Tory MPs last week demanded Britain leave by May 22 at the latest 'with or without a deal'.
Nonetheless officials have been given the green light to begin preparations for European elections in May as a 'contingency' measure.
The May 23 poll will take place almost three years after the UK voted to leave the European Union.
Senior ministers will meet in Cabinet for five hours on Tuesday to discuss the way ahead, amid speculation about possible resignations or a general election.
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