The architect of Tony Blair's Labour government and former European trade commissioner has told CNBC that the only Brexit plan agreed with Europe cannot succeed.
Current U.K. leader Theresa May has agreed terms of withdrawal with the European Union (EU) as well as an outline of what the future relationship between the trading bloc and Britain will look like. Her draft deal will now be debated before a parliamentary vote set to take place on December 11.
The former lead strategist of Blair's government, Peter Mandelson, told CNBC's Geoff Cutmore on Wednesday that lawmakers had already flagged that May's plan is doomed to fail.
"I think votes in the House of Commons have clearly indicated that May is heading for a serious defeat next Tuesday," said Mandelson who now acts as chairman of Global Counsel.
May's team suffered a brutal day in the Commons on Tuesday, losing a major defeat on what happens if lawmakers do reject the plan provisionally agreed with Europe. On the same day, and for the first time in history, the government was also found to be in contempt of parliament for failing to release full legal advice related to Brexit.
As a result, pound sterling fell below the $1.27 mark for the first time since the end of October.