Prime Minister Theresa May was left licking her wounds on Tuesday night after an historic defeat of her Brexit withdrawal deal. MPs voted 432 votes to 202 to shoot down the deal, which is the worst margin of defeat for a British government in modern history. The pound reacted gleefully. A fall of over 1 per cent across Tuesday had brought it as low as $1.27. It rallied to $1.29 following the result, in an indication that markets expect a range of outcomes that includes more time for negotiations, a softer Brexit, or no Brexit at all.
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