Pound jumps after British minister raises prospect of Article 50 delay

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Wed, 12 Dec 2018 - 09:23 GMT

British Pound Sterling banknotes are seen at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

British Pound Sterling banknotes are seen at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

LONDON - 12 December 2018: Sterling jumped on Wednesday after Britain’s justice minister said the government would have to delay Article 50 - Britain’s notice to withdraw from the European Union - if Prime Minister Theresa May lost a no-confidence vote.

The pound rose as much as half a percent to $1.2550 from below $1.25 earlier in the session. Against the euro sterling rose 0.3 percent to 90.27 pence.

The British currency plunged to a 20-month low of $1.2477 overnight after lawmakers in May’s Conservative party managed to garner enough support to trigger a no-confidence vote in her leadership.

The ballot, which is to be held between 1800 GMT and 2000 GMT on Wednesday, plunged May’s planned Brexit into further chaos after she had delayed a parliamentary vote on her plans on Monday.

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