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Sterling rose marginally, versus several of its main peers during the early part of the London-European session, as a consequence of the vote scheduled to be conducted later on Wednesday afternoon. MPs will get a chance to vote down a no deal Brexit, effectively forcing Parliament to find an alternative exit mechanism.

However, there’s a complication to this scenario; this vote won’t rule out a no deal exit by default, as the U.K. is still scheduled to crash out in two weeks, on March 29th, unless a solution is found. The other alternative, to avoid a crash out, is voting for an extension of article 50 beyond the exit date. But the remaining E.U. 27 would have to grant that extension, which they’ll only grant for a specific reason, such as; a general election or referendum, on any actual withdrawal agreement reached.

Today (Wednesday) in the House of Commons, the U.K. chancellor of the exchequer, Philip Hammond, will deliver what’s termed his “spring statement”, an outline of the budge...

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