British prime minister Theresa May

The British pound is lower on Wednesday evening after Prime Minister Theresa May suffered a record breaking defeat over her Brexit deal in the House of Commons.

May was widely expected to suffer a crushing, and that defeat came to pass, with MPs voting 432-202 against the Withdrawal Agreement.

The rejection adds even greater uncertainty to the UK political landscape, and increases the likelihood of Britain staying in the EU, or a general election, or a no deal Brexit.

Labour party leader Jeremy Corbyn has now tabled a motion of no-confidence in the government, which will be voted on on Wednesday.

Immediately after the vote the pound was lower by as much as 1.5% against the dollar, trading below the $1.27 mark. However, in the minutes after the vote, the pound has bounced back. As of Wednesday morning, the pound was worth $1.29. 

The rand was last trading at R17.63/pound - a level last seen at the start of December 2018.

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