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Sterling trims gains after PM's spokeswoman says will be no Article 50 vote
October 12, 2016 / 9:09 AM / a year ago

Sterling trims gains after PM's spokeswoman says will be no Article 50 vote

LONDON (Reuters) - Sterling trimmed some of its gains on Wednesday after a spokeswoman for the British prime minister said there would be no vote in parliament on triggering “Article 50”, which will start the formal process to take Britain out of the EU.

A British ten pound banknote is seen in a photo illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo

“There will not be a vote on triggering Article 50,” Theresa May’s spokeswoman said.

May has said she will trigger Article 50 by the end of March next year.

Sterling fell to $1.2240 GBP=D4 on the news, down from around $1.2270 beforehand, before recovering to $1.2265 by 0905 GMT, still up 1.3 percent on the day.

Against the euro, sterling firmed to 90 pence EURGBP=D4, from 89.83 pence per euro before.

Reporting by Jemima Kelly

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