UK: Will be a vote on Wednesday on general election if government is defeated on Tuesday

According to Robert Peston, a political editor for the ITV, British ministers have agreed to vote on Wednesday on whether to hold a general election on October 14 if the government is defeated on Tuesday.

"To confirm, minister tells me cabinet approved that tomorrow’s vote on backbenchers taking control of order paper will be seen as confidence vote. So cabinet agreed that there will be vote Wednesday to hold general election 14 October if Borish Johnson is defeated just 24 hours," Peston tweeted out.

Markets largely ignored this development and the GBP/USD pair was last down 0.78% on the day at 1.2062.