Breaking: No majority found in Brexit vote count, (GBP lower)

Following yet another day of Brexit voting in Parliament, there is still no majority for any of the four motions selected by Speaker John Bercow, which follow the results in BOLD:

• Motion C  For 273 against 276 - NO
• Motion D  For 261 against 282 - NO
• Motion E  For 280 against 292 - NO (Most favoured)
• Motion G For 191 against 292 - NO

No majority found - All four rejected - pound was down 30 pips at 1.3050 on the announcements. 

(Note: A customs union features in two of the options, calling for the softness of all Brexit styles put forward by Conservatives Ken Clarke, Motion C and Nick Boles, Motion D GBP friendliest).

(Explanations of the motions are courtesy of SKY News article):

Motion C - a Customs union

• Tabled by Ken Clarke (Conservative) and Hilary Benn (Labour)
• This motion would ensure that the withdrawal agreement has to include a permanent and comprehensive UK-wide customs union with the EU.
• This would be considered as a "soft Brexit" and the prime minister has been warned against pursuing it.
• However, it lost by the narrowest margin when it was voted on last week, with 264 MPs voting for and 272 voting against.

Motion D - Common Market 2.0

• Tabled by Nick Boles (Conservative) and Lucy Powell (Labour)
• This motion would lead the UK to re-joining the European Free Trade Association and European Economic Area and it would mean the UK would remain in the single market, allowing UK citizens to retain freedom of movement in the EU, and vice-versa.
• This option was widely rejected on Wednesday, with 188 MPs voting for and 283 voting against.

Motion E - Confirmatory public vote

• Tabled by Peter Kyle (Labour)
• This motion would mean that any deal could not be ratified in parliament until the public had a chance to vote on it - commonly referred to as a people's vote.
• Dozens of MPs have sponsored this motion, and it is growing in popularity in Westminster, particularly after the Labour leadership decided to back the idea.
• A people's vote received 268 votes for, and 295 against at last Wednesday's vote.

Motion G - Parliamentary Supremacy

• Tabled by Joanna Cherry (SNP)
• This motion would mean the government would seek a further extension if a deal is not agreed two days before leaving the EU.
• (Note: If the EU does not accept an extension, MPs would be asked to vote between a no-deal Brexit or revocation of Article 50. If MPs chose to revoke Article 50, work would begin to work out what sort of relationship the UK should have the EU going forward).

So what now?

All we can do is sit and speculate, but this vote was never going to mean much if there was not a majority for a particular option, and even if so, it was always going to be subject to the EU's approval. 

However, PM May will now go to an emergency EU summit which has been scheduled for next week, Wednesday, where she likely ask for a longer extension. However, the EU is fed up with all of this and without a majority on a particular withdrawal deal by UK lawmakers, the 27 member states are unlikely to be willing to keep giving the UK more time and by default, the UK could be headed to fall out of the EU without a deal on the 12th April - not pound friendly. 

Moreover, there is still the cliff hanger option of taking this back to the public either through a referendum or a general election = More uncertainty for the pound.