Prime Minister Theresa May lost control over the Brexit process after conceding she doesn’t have the votes to get her unpopular divorce agreement ratified in the U.K. Parliament. The pound rose.

The House of Commons voted 329 to 302 late on Monday to strip power away from May over what happens next. The result paves the way for members of Parliament to demand she pursues radical Plan B options, potentially including a second referendum, keeping the U.K. in the European Union’s customs union, or even canceling Brexit...

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