Cable is sliding back below 1.3200 following a surprise move by the UK Commons Speaker John Bercow blocks UK PM May's third-time's-the-charm Brexit deal...
Specifically, Bercow notes - citing a rule from 1604! - that the government can't ask lawmakers to vote again on May's already-rejected Brexit deal unless it is altered.
“What the government cannot do is to resubmit to the House the same proposition or substantially the same proposition as that of last week which was rejected by 149 votes,” Bercow said.
“This ruling should not be regarded as my last word on the subject. It is simply meant to indicate the test that the government must meet in order for me to rule that a third ‘meaningful vote’ can legitimately be held in this parliamentary session.”
"What the government cannot legitimately do is to resubmit to the House, or substantially the same proposition, as last week, which was rejected by 149 votes."— TicToc by Bloomberg (@tictoc) March 18, 2019
U.K. Speaker of the House John Bercow blocks Theresa May's Brexit deal from going to a third vote in its current form pic.twitter.com/zUJGrb9FVP
If the government wishes to bring forward “a new proposition” for members of Parliament to vote on that would be allowed, he said.
And while not the end of the world, it is sending sterling lower...
Presumably, this means May will have to alter her Meaningful Vote - in a way that satisfies Bercow's discretion - which means, however, that any changes will have to be run by her EU counterparts (or overlords)... and will inevitably delay this portion of the process.
As The FT reports, Mr Bercow said that the second so-called meaningful vote had cleared this hurdle because of additional legal reassurances published by the EU and the UK. However, Downing Street now says that no further negotiations are expected imminently, making it hard to clear before the third meaningful vote.