Cable Climbs As Parliament Rejects Johnson's Election Request

Update (16:30ET): In the second major paliamentary vote Wednesday evening, Parliament rejected Boris Johnson's request to hold another snap election by 298 - 56 - shy of the two-third's majority needed to pass Johnson's major.

Journalist Mary Johnson described vocalist Boris Johnon be face up to all the insults, shortcuts and duplicities in which he once gloried. Can a PM so humiliated and so rightly reviled by his peers really hope to survive? Many of his own MPs think not.

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Update (1700ET): Things did not get any better for UK PM Boris Johnson as he failed to get the votes required to call a snap election.

The ayes won it by 298 votes to 56, but Johnson needed 434 votes for the motion to pass.

BoJo bashed Corbyn for being the first opposition leader in the democratic history of the U.K. to refuse the offer of an election, calling the position unsustainable.

Cable rallied to one-week highs on the failed election vote...

Source: Bloomberg

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As expected, the House of Commons has passed a bill calling on Johnson to ask the EU for another Article 50 extension until Jan. 31.

The bill has passed the House of Commons, with the so-called rebel alliance defeating the government 327 votes to 299. Now it goes to the House of Lords.

In response to the vote, PM Boris Johnson stands up and accuses Labour Leader Jeremy Corbyn of being "frit" - or frightened of a no-deal Brexit. Johnson added that the bill is designed to overturn the referendum vote in 2016. Johnson said the vote would effectively scupper the UK's negotiations for a new deal, and said he refused to write to the EU seeking an extension, describing it as "surrender" - intimating that he might ignore Parliament's wishes.

Johnson said it's "very sad" MPs have voted like this, calling it a "dereliction" of their "democratic duty" to ensure that the UK leaves the EU as swiftly as possible.

The pound rallied slightly on the vote, which prompted Johnson to propose snap elections for Oct. 15.

"The House has spoken this evening and if the other place passes the bill, then I say to the Prime Minister that this House expects him to uphold the law and ensure the UK doesn’t leave the EU without a deal on Oct. 31," said a Labour MP who sponsored the bill.

Jeremy Corbyn, exchanged some tense words with Johnson, saying"I look forward to the day his government and his party and all the austerity and misery it has forced on this country are turfed out."

As Bloomberg's Alex Morales eplains,  Johnson will now attempt to call a vote to approve an early general election. However, he needs the support of two-thirds of MPs, and looks set to lose. That’s because while all the main opposition parties want a general election, they say they won’t approve one until this bill becomes law – and it still needs to pass through the House of Lords. Even then, they want to be sure that the risk of a no-deal Brexit on Oct. 31 has been staved off.

Get ready for more votes...