Pound surges as Theresa May announces that Parliament WILL get a vote on Brexit deal

THE pound has surged as Theresa May announces that Parliament WILL get a vote on the Brexit deal.

The Prime Minister was revealing the UK's strategy to break free of the European Union, including leaving the Single Market and giving MPs a vote on the final deal.

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The pound, already up more than 1 percent as May began to deliver a keenly-awaited speech that had been extensively leaked to media, surged 2 percent on the day to reach $1.2278  against the dollar, at its peak.

It also gained around 0.8 percent to 87.36 pence per euro, reflecting a broader sell-off in the dollar globally driven by concerns over Donald Trump's presidency.

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Despite today's surge the pound is still down at least 12 per cent against the euro and 17 per cent against dollar, compared to before the vote to the EU.

The FTSE 100, which has tended to rise as sterling falls, extended an early drop led by exporters and mining companies as May spoke.Speaking at Lancaster House, Mrs May said: "This Government has a plan for Britain - one that gets us the right deal abroad but also ensures we get a better deal for ordinary working people at home."

In the highly-anticipated speech, the Prime Minister confirmed that Britain would leave the Single Market after Brexit and that she would fight for a new deal for access to it.

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Mrs May said that any deal must mean we are able to “control the number of people who come to Britain from Europe” and promised she would deliver crucial changes to immigration rules.

She said she did not want a “partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out.

And she promised MPs and peers a vote on the final Brexit deal – which sent the pound soaring.

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The PM confirmed that Britain would still want to continue to attract the"brightest and the best" people from Europe, and that our "openness to international talent must remain".

It comes just hours after the Office for National Statistics (ONS) revealed that inflation hit 1.6 per cent in December - up from 1.2 per cent in the previous month.

The bigger-than-expected rise is due to the rising cost of fuel, food and air fares, an affect of the weak pound, the ONS said.

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