Sterling bounced against the eurozone currency, climbing above €1.170, after the comments from Mr Rees-Mogg who said the options were now “deal or potentially no Brexit”. The pound is marginally holding onto gains this morning and is trading at €1.1718 as of just before 08:45AM UK time, having dropped 0.08 percent from the open of €1.1727. Against the US dollar at the same time of writing, Sterling is worth $1.3197, down 0.11 percent. Writing in The Daily Mail, Mr Rees-Mogg said: “I am now willing to support it if the Democratic Unionist Party does, and by doing so will be accused of infirmity of purpose by some and treachery by others.
“I have come to this view because the numbers in parliament make it clear that all the other potential outcomes are worse and an awkward reality needs to be faced.”
Speaking outside his townhouse in Westminster, Mr Rees-Mogg said he has not changed his opinion that the Prime Minister’s agreement is a bad deal.
The European Research Group chairman said: “I haven’t changed my mind about the deal – it is still a bad deal and doesn’t properly deliver Brexit.
But he added: “The risk is, if I don’t back it, we don’t leave the EU at all.”
Mr Rees- said that, while the deal is “deeply unsatisfying”, it is the only way left of leaving the EU.
He added: “We are in a terrible constitutional muddle, we have a broken-down relationship between the executive and legislative.
“In those circumstances, the deal that Mrs May has got, with its many faults, is at least leaving the EU.
“I haven’t changed my mind on the deal. The only way left of doing it (leaving the EU) is this deeply unsatisfying deal.”
Connor Campbell, analyst at Spreadex, described the minimal movement from the pound this morning.
He said: “Neither the FTSE nor sterling sought to do much after the bell.
“The FTSE clung onto 7200 having climbed back there on Tuesday, while the pound was unchanged against the dollar and the euro, a smidge below $1.32 and a tough above €1.171 respectively.”
This week sees MPs vote on an amendment enabling them to take control of Commons business and stage a series of “indicative” votes on the way forward for Brexit.
Under the plan put forward by Tory Sir Oliver Letwin, at 2pm on Wednesday normal proceedings in the House will stop and MPs will then consider a series of motions setting out alternatives to Theresa May’s Brexit deal.
MPs with plans were given until the rise of the Commons on Tuesday to set them out so they can be included in the order paper on Wednesday.