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Second Referendum?

Sterling has plummeted, driving the U.S. dollar up, after British Prime Minister Theresa May said the European Union must supply an alternative Brexit proposal, saying talks had reached an impasse after the bloc’s leaders had rejected her plans without fully explaining why.

The pound dropped as much at 1.5% at the end of last week, the dollar rose on the back of the pound’s move, rebounding from early lows.

At a summit in Austria on Thursday, EU leaders said they would push for a Brexit deal next month but rejected May’s “Chequers” plan, saying she needed to give ground on trade and arrangements for the UK border with Ireland.

Finally, UK opposition leader Jeremy Corbyn bowed to the growing pressure from party grass roots to back a second referendum on Brexit, conceding at the weekend that he would be “bound” by whatever this week’s congress in Liverpool decides.

Accordingly, a draft motion due to be put to delegates on Tuesday commits Labour as an opposition party to backing all available options “including campaigning for a public vote”.

How much that changes the Brexit dynamic remains to be seen but it is a significant shift that heaps more pressure on Theresa May, who conceded last week her negotiations with the EU had hit an impasse.

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