The pound has slipped this morning and is trading at $1.2746 against the dollar following the news that DUP and Tory rebels have foiled Theresa May’s bid to win over MPs.
Backbench Tories tabled an amendment to next week’s meaningful vote that would give MPs some control over the Irish backstop, a controversial insurance policy which aims to prevent a hard border on the island of Ireland.
But DUP leader Arlene Foster dismissed it as “legislative tinkering” while Tory Brexiteers said it was “desperate”.
Many MPs have expressed concerns about the backstop, aimed at preventing a “hard border” on the island of Ireland.
Richard Graham, who sits on the Brexit Committee, said the backstop “was and remains the thing that gives colleagues the most concern”. He added: “What we are trying to achieve is something that gets a lot of support from colleagues and that the government, we hope, will take forward because it will make a real difference to the vote.”