Brexit: Theresa May Faces 'Meaningful Vote' on Her Deal

Prime Minister Theresa May is set to see her Brexit deal rejected in the biggest Parliamentary defeat for a British government in 95 years after her last minute pleas for support appeared to fall on deaf ears, reported Bloomberg. The battle now is over not whether May loses, but how badly.

 At least 70 of her Conservative Party, as well as sometime allies in the Democratic Unionist Party, are publicly pledged to join opposition Members of Parliament in voting against her agreement Tuesday. That would translate into a defeat by a margin of 150 or more, the largest in over a century. Even if some abstain, a defeat by more than 100 would be the worst since 1924.

May postponed a vote before Christmas in the hope of winning over Parliament with new concessions from Brussels over the so-called backstop intended to ensure the post-Brexit Irish border stays open, but EU leaders' letters of reassurance were treated with scorn in the House of Commons Monday.

'Now Do It'

"I will be continuing to encourage members of this House to vote for what I believe to be a good deal," May said as she faced down criticism from all sides Monday afternoon. "We asked the people what their view was and said we would do what they decided, and we should now do it."

Markets and the EU will be watching Tuesday's results, scheduled to start at 7 p.m., and the margin of a government defeat will affect how they both respond. A defeat by more than 220 votes could see sterling fall to $1.225, according to Neil Jones, head of hedge-fund currency sales at Mizuho Bank.

Meanwhile, anything larger than a defeat of about 60 would probably mean the agreement is close to death and the negotiations will be in uncharted waters, several EU officials said last week. Less...