New photo Mark Carney says markets believe May's defeat paved the way for Brexit to be softened or cancelled

The Bank of England governor today said markets believe Brexit could be softened or even cancelled after Theresa May's catastrophic defeat last night.

Mark Carney said financial investors think the prospect of Britain crashing out with a no deal Brexit has been 'diminished' after last night's historic vote.

And he said this is why after a brief crash after the Commons result was announced, the pound rebounded strongly.

He told the Treasury select committee: 'There was a sharp rebound in sterling following the vote.

'And public market commentary, consistent with our market intelligence, [suggests] that rebound would appear to reflect some expectation that the process of resolution would be extended and that the prospect of no-deal may have been diminished.'

In an historic day in Westminster, the Withdrawal Agreement was defeated by 432 votes to 202.

The defeat, by the massive margin of 230 votes, was the biggest ever inflicted on a Prime Minister in modern history.

Mark Carney (pictured in the Commons today)  said financial investors think the prospect of Britain crashing out with a no deal Brexit has been 'diminished' after last night's crunch vote

Boris Johnson (pictured among MPs voting against the deal, far left) said he did not 'rejoice' in the massive defeat suffered by Theresa May, but demanded that she ditches the Irish border backstop and takes a 'fresh approach'

Mrs May said she will listen to the will of MPs and is planning to launch last-ditch cross party talks with senior Parliamentarians as she desperately tries to salvage part of her deal.

EU urges May to drop her Brexit red lines after historic defeat 

The EU twisted the knife today after Theresa May fell to a humiliating defeat on the Brexit deal - with Michel Barnier urging her to drop 'red lines'. 

The Prime Minister has been left scrambling to find a way forward after suffered the biggest Commons loss ever for a government, with an extraordinary 118 Tories rebelling against the plan. 

A clearly shattered Mrs May also faces a no-confidence battle tonight, after Jeremy Corbyn insisted the government had come to the 'end of the line' and demanded an election.

The escape routes for the premier appear to be closing, with the EU signalled a tough line. A senior German minister this morning dismissed the prospect of delaying Article 50 unless there is a clear 'path' for getting an agreement implemented.

And the EU's chief negotiator Mr Barnier goaded Mrs May by demanding she respond by abandoning her long-standing negotiation positions, such as ending free movement, ruling out a permanent customs union, and ending the jurisdiction of EU law. 

While saying he was 'sad' the deal had been rejected, Mr Barnier suggested the defeat was an 'opportunity' to stay more closely aligned with the EU. 

The call for softer Brexit came amid mounting splits in the Cabinet over what to do in the wake of the catastrophic failure.

Commons Leader Andrea Leadsom said the Brexit date must not be delayed beyond the end of March. 

But Chancellor Philip Hammond is said to have suggested to business leaders in a phone call last night that Article 50 would be extended.

But No10 sources signalled that she will not abandon her red lines - which includes ending free movement and having an independent trade policy.

Mr Carney stressed he was not giving his opinion, but the 'market's initial take'.

He added: 'The markets, like the country, is looking to Parliament for direction and one could expect continued volatility.'

Meanwhile, analysts told Bloomberg that last night's massive defeat was so devastating for Brexit that it will pave the way for a far softer exit.

Stephen Jen, chief executive of Eurizon SLJ Capital said: 'This outcome is so dire for Brexit that the chances of a softer Brexit or even a second referendum may have risen.'

Greg Gibbs, founder of Amplifying Global FX Capital, said: 'The chances of a no-deal Brexit are so slim now it's not even really worth considering anymore'

He added: 'It looks increasingly that the resolution will be an even softer version than May's proposal and/or a new referendum.' 

The PM is under mounting pressure from many within her own party to now go for a softer Brexit.

Cabinet ministers including Amber Rudd and Greg Clark are pushing for her to hold talks with Labour moderates and rule out a no deal Brexit in the wake of her humiliating defeat.

Yet the Tories are bitterly divided and others in the Cabinet want her to ramp up no deal planning. 

But before the fresh flurry of talks can begin, Mrs May is facing a Labour bid to topple her from power today.

Jeremy Corbyn has tabled a no cinfidence moton in the Govenrment whihc MPS will vote on tonight.

If it is passed then it paves the way for a general election which Labour hopes will given them the keys to No10.

But she is expected to win the vote and cling on as leader after hardline Tory Brexiteers and the DUP - the Northern Irish party propping her up in power - vowed to vote for her. 

The £:$ over the past 24 hours. It regained ground after dropping around the time of the vote

Historic defeat: Mrs May (left) just about managed to raise a smile as she was driven away from the Commons last night, while Mr Corbyn (right) looked smug after calling a vote of no confidence that aims to topple the Prime Minister

Former Forreign Secretary Boris Johnson, and backbench ringleader Jacob Rees-Mogg have all pledged to support her, meaning she is likely to survive. 

The DUP's Sammy Wilson said the party wanted to 'get the government back on track' and would back Mrs May, while Mr Rees-Mogg said last night: 'I will be supporting the Prime Minister'. 

Mr Johnson said he 'certainly shall' vote for the PM in Wednesday night's vote, saying he did not want Mr Corbyn in office instead. 

Today former Ukip leader Nigel Farage called on Tory MPs who 'believe in Brexit' to be brave and resist the Article 50 leaving date of March 29 being extended.

And he urged them to dump Mrs May as PM and replace her with a Brexiteer calling it a Neville Chamberlain moment.  

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News Pictures Mark Carney says markets believe May's defeat paved the way for Brexit to be softened or cancelled

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