Parliament (2)

The value of the pound rose to its highest level in nine months after MPs voted to rule out a no-deal Brexit. 

Sterling rose to $1.3380 against the US dollar, a level last seen in June 2018.

It comes as investors and the business community welcomed the decision by Parliament to reject leaving the EU without a deal, seeing it as a far greater risk than leaving with a deal.

Dr Adam Marshall, director-general of the British Chamber of Commerce (BCC), said: “The reality is that without action, businesses still face an uncontrolled exit that they neither want nor are ready for.

“Extending Article 50 is now a necessity but it’s no silver bullet for businesses, many of whom fear endless uncertainty.

“A deadline that is continuously pushed back isn’t a deadline, it’s an invitation to cancel investment, stop hiring or move UK operations somewhere else.”

City of London Corporation policy chairwoman Catherine McGuinness described the vote as a “victory for common sense”.

She added: “Crashing out of the European Union without a deal would be an unprecedented act of self-sabotage.

“But in order to stave off this costly economic own goal, Parliament now needs to act swiftly to make today’s rejection of no-deal a reality by voting to extend Article 50 and give breathing room for a solution to be found.”