Britain's new Prime Minister Boris Johnson lost a vote to fast track his Brexit deal with the EU through parliament by the end of October. However, since the legislature has now voted for the deal, a first, Brexit now seems secure in one form or the other. The most likely outcome seems to be a general election for Britain by the new year.

That means Johnson's plan to fast-track the passage of his withdrawal agreement bill has been defeated, meaning he will rely on Brussels to approve a brief extension to pass his withdrawal plan during a more "reasonable timetable," reported Zero Hedge.

Though the pound plunged, Johnson sounded optimistic in his post-vote remarks, noting the significance of the fact that Parliament has finally voted in favor of a Brexit deal for the first time.

In his post-vote remarks, Johnson said the Tories would now 'pause' their legislation until the EU answers Johnson's request for another Brexit delay. According to BBG, if the EU grants an extension of one week, or two, Johnson will likely press on with his bill, but on a more relaxed timetable. However, should MPs insist on a delay for 3 months, then we're likely headed for elections.

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