In Humiliating Defeat For May, Brexit Deal Rejected By Overwhelming 230-Vote Margin

Update 6: Comment from European leaders are starting to break on Twitter, with the Austrian PM insisting that, though the defeat of the deal is unfortunate, there won't be a renegotiation of the deal.

In one of the more aggressive comments, Donald Tusk seemed to imply that, if the deal is so unpopular, maybe the UK should reconsider this whole Brexit thing.

The pound has broken above $1.28.

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Update 5: The pound knee-jerked lower, but swiftly recovered as traders realized that the overwhelming defeat means the EU may now reconsider its decision not to reopen negotiations.

It's now up on the day.

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May said in a speech that "we must focus on ideas that are genuinely negotiable." She also denied that the government's strategy is to run down the clock.

Before officially tabling his motion of no confidence, Jeremy Corbyn called for a permanent customs union, saying a permanent customs union must be secured, after gloating over the worst defeat for a government since the 1920s. No deal must be taken off the table and people's rights and protections must be secured.

"I inform you Mr. Speaker I have now tabled a motion of no confidence in this government and I'm pleased that motion will be debated tomorrow so this House can give its verdict on the sheer incompetence of this government."

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Update 4: May has lost by a 230 vote margin. As the results were read out, the Commons erupted in commotion.

The final results: 432-202

The pound is puking.

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Update 3: Minutes before the final results are due, reporters have noted that the 'no' lobby is mobbed. "It's safe to say May's deal is sunk", one commented.

Word is the government only has 202 votes - which would mean a sizable defeat. That would be 475 against, an overwhelming rejection that would bring her ability to schedule another vote into question.

Though that's nothing we didn't already know.

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Update 2: The Baron amendment has been rejected by a vote of 24-600. The amendment would have called for the UK to have the ability to unilaterally leave the backstop.

The rejection of the amendment, which May opposed, is a resounding win for the prime minister. Cable has caught a slight bid on the news.

Stocks legged lower after the Brexit headline hit, which could be a sign that algos read "reject" in the headline and reflexively dumped.

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Update: The voting has just begun but there's already been a handful of surprises. Three of the four accepted amendments have been dropped, so voting will proceed on the final amendment (the Baron amendment, backed by a cross-party group of legislators) before proceeding directly to the motion to pass.

317 is the magic number needed for the motion to pass.

Bloomberg now expects the final tally to arrive by 2:30 pm ET. Cable is flat as voting begins.

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