British Prime Minister Theresa May arrives to speak to the media at the end of the first of a two-day summit of European Union leaders on March 21, 2019 in Brussels, Belgium.
Sean Gallup | Getty Images News | Getty Images
U.K. Prime Minister Theresa May offered lawmakers a vote on whether to have a second referendum if they approved her Brexit withdrawal agreement.
This is a breaking news story, please check back later for more.
Sterling jumped on Tuesday afternoon following a report that Prime Minister Theresa May will allow lawmakers a free vote on a second Brexit referendum.
A free vote would mean politicians could choose their own preferred option, potentially improving the chances of another Brexit referendum as lawmakers in the U.K. Parliament are largely pro-remain.
The Bloomberg report, citing sources, said that May had proposed the idea to her senior politicians, sparking a backlash from pro-Brexit ministers in the cabinet.
The pound jumped 0.7% to $1.2815 from $1.2725, its highest since Friday, according to Reuters, before giving up some of those gains.
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