Parliament votes on general election

Although Parliament tonight voted against holding a general election, it seems likely that MPs will soon change their minds and in the next day or two will vote for an election that will decide the fate of Brexit. For the economy and the financial markets, neither an election result that leads to a hardish Brexit under a Conservative government or a softish Brexit under a Labour government is particularly appealing. This Update was originally sent to clients as a Rapid Response immediately after the vote in Parliament on whether to hold a general election.