LONDON — The pound shot up as high as $1.28 on Tuesday afternoon in response to a turn of events in Britain: Prime Minister Theresa May has offered Members of Parliament the chance to vote on whether to hold a second Brexit referendum.
The chance to vote is listed as one of the new proposals under her amended Withdrawal Agreement Bill, which was laid out in November last year. Earlier iterations of the bill were rejected three times. A new round of voting is set for early June.
Earlier today, May unveiled a last-chance “10-point new Brexit plan,” which includes using technology to replace the controversial backstop agreement and a promise to seek as much frictionless trade as possible within the single market.
It’s unlikely that the MPs will be voting in favor of the Withdrawal Agreement, which is “effectively a repackaging of the same old bad deal, rejected three times by Parliament,” according to Labour leader Jeremy Corbyn, who shot down May’s latest proposal.
Tory MPs have also said they would oppose the Withdrawal Agreement. At the last vote, 34 Tory MPs rejected the Withdrawal Agreement and in June, when the next vote takes place, tabloids are speculating that 46 members of May’s party will vote down her new proposal.