The Prime Minister has been grappling to push her withdrawal deal through the House of Commons, leaving the pound fluctuating off the back of Brexit uncertainty. Sterling is trading at €1.1661 against the euro at around 9:30AM UK time this morning, having slipped from the €1.17-barrier earlier this week. Versus the US dollar, the pound is at $1.3223 at the same time of writing. In the stock market, the FTSE 100 shrugged off initial losses to edge 0.1 percent higher, up for an eighth straight session.
The FTSE 250 was roughly flat just before 10:00AM UK time.
Britain has just under two weeks before the scheduled departure date from the EU on 29 March, 2019.
But according to Sky News, Mrs May could be set to ask for a short delay, pushing the date back until 30 June, 2019.
The Prime Minister is due to send a letter to EU Council President Donald Tusk today.
A senior Government source said: “There’s a case for giving parliament more time to find a way forward but people in this country have been waiting nearly three years, they are fed up with parliament’s failure to take a decision and the prime minister shares that frustration.”
Commons Leader Andrea Leadsom said Theresa May was “extremely frustrated” but “remains determined to take us out of the EU” and hopes to do so without participating in May’s EU elections.
Appearing on LBC Radio, Mrs Leadson said: “It’s absolutely essential we’re out of the EU before the European elections.
“It would be extraordinary for the people who voted to leave the EU to find us fielding candidates for these next elections.
“She’s absolutely working her socks off to get to that point, so, in seeking a short extension, she and her Cabinet will be determined to get further progress on the Meaningful Vote so we can get her deal voted through in Parliament.”
Education Secretary Damian Hinds said a shorter rather than longer extension to Article 50 is the right option for the Prime Minister to request.
Speaking on the BBC Today programme, he said: “I don’t see how a long delay gives certainty, actually, we’ve had a long time already.
“Unless and until a deal is finalised there remains the prospect, the risk, of no deal.
“In terms of timing there has already been two-plus years to do this and I think people are a bit tired of waiting for Parliament to get our act together and get the deal passed.”