Brexit renegotiation is not an option, defiant Brussels tells Theresa May

Pound tumbles after May aborts Brexit vote

Pound tumbles after May aborts Brexit vote

May began her quest over breakfast with Dutch counterpart Mark Rutte, a day after she abandoned a vote in the U.K. Parliament to secure support for the agreement thrashed out with the European Union over more than a year, sensing that it would be rejected in London "by a significant margin".

A senior German official said May won't get any pledge of new negotiations while in Berlin.

The prime minister also announced plans to meet European leaders, as well as the leaders of the European Council and Commission ahead of Thursday's summit in Brussels.

The fate of May, her deal and her government appears highly uncertain, with hardliners from her own Conservative Party threatening a leadership challenge, and a no-confidence vote in her government also possible.

Sterling skidded to its weakest level since June 2017, falling to $1.2622.

"This is yet another blow for companies desperate for clarity", said Carolyn Fairbairn, head of the Confederation of British Industry big business lobby.

Supporters of a second referendum received a boost from the European Court of Justice on Monday, which ruled that Britain does have the unilateral right to revoke its Brexit decision.

"We have a common determination to do everything to be not in the situation one day to use that backstop, but we have to prepare", he said, and underlined that "Ireland will never be left alone".

But now the backstop is getting some pushback from British parliamentarians.

May spoke at the weekend to Tusk, Merkel and Irish Prime Minister Leo Varadkar, raising speculation they offered some hope of further concessions.

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Jordan Rochester, forex strategist at Nomura said in a note before May's address to the Parliament: "The market might not like this increased uncertainty, and we will have to wait to see if whatever her plan is now is any more liable to succeed". "If the Brexit hardliners would be satisfied with some cosmetic wording, I don't know", a European diplomat said.

"What they might do is add some language to the political declaration, not the withdrawal agreement", he added.

"The substance of the Irish backstop will be unaltered".

But Brexiteers are demanding she entirely overhaul this contentious element of the proposal before trying again to put the deal to a vote in the House of Commons.

Opposition MPs shouted "resign" at May during her statement, and Labour leader Jeremy Corbyn said the decision to delay the vote was "desperate".

A growing number of backbench members of parliament say the only solution would be a new referendum, an option backed by three of the four living former prime ministers, but strongly opposed by the government.

It's still possible that May's Cabinet will take a different view and push the prime minister to carry on and call the vote as planned for Tuesday evening.

The EU is prepared to add wording to the effect it has no wish to force the United Kingdom into a never-ending "backstop" arrangement in the absence of a broader trade deal and it will do all it can to avoid it, according to the officials, who spoke on condition of anonymity citing the sensitivity of the matter.

Main opposition Labour Party leader Jeremy Corbyn said the United Kingdom no longer had "a functioning government". We can not continue like this. "The prime minister must either govern or quit", he added.

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