'Industry should prep no-deal contingency plans' after fresh Commons defeat for Theresa May

Sterling volatility

UK fund groups have been urged to prepare for a no-deal Brexit by the Investment Association, after UK Prime Minister Theresa May saw another Commons defeat yesterday evening, with MPs voted by 303 to 258 - a majority of 45 - against an updated deal.

Following the defeat, Chris Cummings, chief executive of the Investment Association, said: "Given the continued uncertainty that result brings, the industry has no option but to implement their long-established no-deal contingency plans." Earlier yesterday, deputy leader of the DUP Nigel Dodds published a statement suggesting the party would not back May's deal, leaving it almost certainty headed for defeat in the vote, while pro-Brexit European Research Group (ERG) of Conservative MPs announced it had taken a "collective decision" to abstain, as backing the motion would have amounted to...