Economic Outlook: Brexit Brief: U.K. Prime Minister makes last-ditch pleas to save EU deal

The British Prime Minister Theresa May will on Monday make a last-ditch effort to convince U.K. politicians to back the divisive Brexit deal she secured last year.

May will use a speech to warn parliamentarians that voting against her deal could ultimately stop the U.K. from leaving the European Union. She will also tell pro-European politicians that their efforts to thwart her deal do “catastrophic harm” to the British public’s faith in democracy.

It is widely expected that May will see her deal rejected in Tuesday’s landmark parliamentary vote, as politicians on both sides of the Brexit debate continue to oppose to its central tenets.

Pro-EU politicians are, meanwhile, reported to be preparing to take over the Brexit process in the event the deal is voted down, paving the way for a less complete exit from the bloc — or for Brexit to be halted altogether.

Sterling dropped from $1.28519 at 07:10 GMT to trade at $1.28248 at around 8.20am U.K. time, amid the continuing uncertainty.

Elsewhere, Financial News reports that London’s 10 biggest investment banks have spent more than £1bn preparing for the UK’s impending departure from the EU, sparking anger among City executives about the vast expense Brexit is causing business.

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