Trader sentiment reverses Market sentiment reversed in late morning trading in Europe Tuesday as the UK Attorney General, Geoffrey Cox, said last-minute 'legally-binding assurances won by UK Prime Minister Theresa May to her Brexit deal with the European Union left the risks over the Irish backstop unchanged.
Nigel Dodds, the parliamentary leader of the Northern Irish Democratic Unionist Party (DUP), which props up May's minority government, said the assurances would still trap the United Kingdom in the EU's orbit.
"Today, we have agreed to them".
But momentum seemed to be shifting against the Prime Minister, as Mr Cox released his advice.
According to Geoffrey Cox, the United Kingdom may not be able to leave the Irish backstop without the EU's agreement.
The pound, which had risen after May secured the changes in Strasbourg, went into reverse and tumbled after Mr Cox's advice was released.
It also said it would not introduce new checks or controls on goods moving from the Irish Republic to Northern Ireland, a major concern among Irish politicians who feared a hard border could see a return of violence which blighted the British province for more than 30 years until a 1998 peace accord.
But Brussels has said it is essential for preserving the bloc's external border after Brexit.
The answer to this will come down to the legal advice from Attorney General Geoffrey Cox.
As it stands, MPs are being overwhelmingly guarded about which way they'll vote, even on social media.
Brussels is wary - one senior official closely involved in the negotiations put her chances of winning over enough euro-sceptic British MPs at only 30 percent - but insists the European Union will compromise no further. "Today is an important day", Merkel said.More news: Google’s first public Android Q beta is now available for Pixel phones
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Speaking alongside Slovak Prime Minister Peter Pellegrini at the European Parliament in the French city this morning, Jean-Claude Juncker told MEPs: 'I'll let you into a secret.
"There will be no third chance", he said.
An opposition Labour Party spokesman said this meant she had "given up any pretence of leading the country".
Another defeat on Tuesday would tee up additional votes on the way ahead.
That option is fraught with economic dangers and is backed only by hardcore proponents of the divorce.
Mr Derrick said if the prime minister's deal was defeated by only a narrow margin in Tuesday's vote "that might encourage optimism" that a tweaked deal could be agreed before the end of the month.
"We won't know how long that extension will be, that's for them to decide". That will be followed by another vote Thursday on postponing the exit beyond March 29.
Any postponement may have to be short-lived.
However, Cox said "I also advised that in the specific case that situation was due to the EU's want of good faith and best endeavors, because of the difficulties of proof and the egregious nature of the conduct that would be required to establish a breach by the European Union of those obligations, it would be highly unlikely that the United Kingdom could take advantage of the remedies available to it for such a breach under the Withdrawal Agreement".
The defeat came after May and European Commission President Jean-Claude Juncker announced changes Monday created to overcome lawmakers' concerns about provisions created to ensure the border between EU member Ireland and Britain's Northern Ireland remains open after Brexit.