U.K. Prime Minister's Brexit Concession Leads Pound Higher

The pound's rebound to just under $1.23 comes as the British government tables a surprise amendment to prevent rebellious Conservative MPs voting with the opposition, for extra parliamentary scrutiny on the Brexit process.

May is increasingly conscious that markets are moving on her words, and was clear in parliament that she would be "ambitious" in negotiations with the other 27 European Union members to get the best deal.

Mrs May told the House that Britain will get the "maximum possible access" to the European market once it leaves the European Union and declared she meant to honour the country's decision on Brexit by controlling the levels of immigration to the country.

The opposition Labour Party forced a parliamentary debate on a motion calling for lawmakers "properly to scrutinize" Britain's position.

May amended the proposal so that "the process should be undertaken in such a way that respects the decision of the United Kingdom when they voted to leave the EU" and the debate "should not undermine the negotiating position of the government" when negotiations start. The move by the British prime minister eased investor concerns that May would be taking a gung-ho approach to the discussions, even as she asked lawmakers to vote in a way that gives her space to negotiate.

"We've always said that parliament has an important role to play", Ms.

The FT said its analysis represented the first attempt to quantify the UK's liabilities on leaving the European Union, with some officials in Brussels warning that the final figure could be higher.

May doesn't want her hands to be tied during the Brexit negotiations and so the government is unlikely to support a vote in Parliament.

She pointed out that Brexit Secretary David Davis had made two statements on Brexit, that there would be a parliamentary committee on it and that there would be a Great Repeal Bill to end European Union authority that would need parliamentary approval, albeit after Article 50 has been triggered.

However she came under pressure from Jeremy Corbyn, who said the Prime Minister was pursuing a "shambolic Tory Brexit" to appease her backbenchers as Labour posed the Government 170 questions on Brexit - one for every day until Mrs May's deadline for triggering Article 50. She also has insisted Parliament will not be given an opportunity to vote on how to invoke the start of the withdrawal process, saying it is her government's prerogative.

A Number 10 source said: "The government is focused on delivering on Brexit".

Labour's shadow minister for Brexit, Keir Starmer, described the prime minister's move as a "real victory for parliament".

May's offer to consult with lawmakers "doesn't take a hard Brexit off the table, but it does mean other voices will be heard, and therefore perhaps a more gentle approach", said Richard Franulovich, senior currency strategist at Westpac Banking Corporation in NY.



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