Brexit Secretary Davis: ‘Point of no return’ is already passed - Bloomberg

Brexit Secretary David Davis was on the wires, via Bloomberg, as he called on lawmakers to give the government permission to implement the will of the British people who voted for the U.K.’s formal departure from the European Union.

Key Highlights:

 • Davis kicked off the debate in the House of Commons in London on Tuesday and made the case that the issue is straightforward. The lower house of Parliament will discuss the 137-word bill that would authorize Prime Minister Theresa May to trigger Article 50 of the Lisbon Treaty.

 •The premier wants to pull the trigger by March 31. On Monday, the government said it hopes the bill will complete its parliamentary journey with passage through the upper, unelected House of Lords on March 7.

 •The law is unlikely to be blocked, as the main opposition Labour Party has pledged to support it.

 •Among the Labour amendments, there is a demand to secure “full tariff- and impediment-free access to the single market” and a requirement for May to report back to lawmakers every two months during the negotiations.

Meanwhile, the GBPUSD pair extended its recovery in the middle of the European trading session, as the sterling rose 72-pips from today's low at 1.2412.