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“Listening to debate in the House of Commons: There seems to be a dangerous illusion that the UK can benefit from a transition in the absence of the WA. Let me be clear: the only legal basis for a transition is the WA. No withdrawal agreement means no transition,” the EU’s Chief Brexit Negotiator Michel Barnier tweeted out.

Markets are now eagerly waiting for the meaningful vote. According to Sky News, PM May is expected to lose tonight’s vote by more than 100 votes, which could put the pound sterling under heavy bearish pressure if it were to materialize.