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British pound drops after Cooper addition to delay Brexit



<img src = "https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2019/01/29/105707119-1548792849895gettyimages-1090913798.530×298.jpeg?v=1548792869" alt = "Holiday means vacation per Brexit against European protesters protests in Westminster to Parliament on a day when Members vote on amendments to the EU withdrawal agreement in London, England, on January 29, 2019. [19659002] Mike Kemp | In Pictures | Getty Images

Leave signifies pro-Brexit protests protesting against Europe at Westminster opposite Parliament on the day Members vote on amendments on January 29, 201

9 in London, England (UK)

The British pound fell to a daily low on Tuesday after an amendment that would have delayed Britain's exit from the European Union if both parties failed to ratify had been rejected by Parliament. [19659005] div> div.group> p: first child "/>

The pound fell 0.6 percent to $ 1.307 after the vote against the US dollar. Previously, the trade had been traded around the flat rate against the US dollar.

The so-called Cooper amendment was rejected by 321 to 298 votes. Named after opposition opposition MEP Yvette Cooper, the amendment sought to rule out a no-deal-brexit conflict by giving the government more time to formally agree with the EU.

The Brexit deadline is currently set for March 29, but the bill would have pushed back this deadline to December 31, reducing the chances of a no-deal – which is generally viewed as a negative for the UK economy where the country based on trade rules of the World Trade Organization.

Like all amendments adopted by the British Parliament on Tuesday evening, it would have required EU support in the evening. Brussels has stated that it is unwilling to agree on the exit agreement it has reached with British Prime Minister Theresa May at the end of 2018.


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