Currencies

Sterling falls as British lawmakers fail to find an alternative to Brexit

The new £10 note is seen alongside euro notes and US dollar bills on October 13, 2017 in Bath, England.
Matt Cardy | Getty Images

Sterling fell across the board on Monday as uncertainty rose after British lawmakers failed to find a convincing majority for any alternative option to Prime Minister Theresa May's Brexit deal.

Lawmakers grabbed control of the Brexit process for a second day on Monday in order to try to find a majority for an alternative way forward that could break the parliamentary deadlock.

But with no clear majority emerging for any of the indicative votes, traders dumped the British currency on concerns that Britain may fall out of the European Union without negotiating a deal on April. 12.

Sterling fell to $1.3048, down nearly 1 percent from levels before the decision on the vote. Against the euro, it fell by a similar margin to 85.84 pence.