UK Prime Minister Boris Johnson’s effort to end Brexit drama failed, at least for now, after suffering humiliating defeat in the House of Commons today. MPs passed an amendment tabled by former Conservatives Minister Oliver Letwin by 322 to 306. Under the amendment, the so-called Benn act was trigger that forces Johnson to seek Brexit extension through January 31, 2020. And, the meaningful vote on the Brexit deal wouldn’t be held today. Johnson said immediate that he will not negotiate a further delay with the EU. But in doing so, he could in the end face being held in contempt of court.

Meanwhile, Europe Commission spokesperson quickly said “The European commission takes note of the vote in the House of Commons today on the so-called Letwin amendment meaning that the withdrawal agreement itself was not put to vote today. It will be for the UK government to inform us about the next steps as soon as possible.”

The Pound, and other European majors, might suffer some setback as the week opens. But Johnson is generally expected to concede and seek a delay. And EU is not expected to reject it despite all the hassles. Thus, any setback could be temporary. And the guesses on whether Johnson would get enough votes for his deal would continue.

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