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The City's policy chief has described Parliament's decision to reject leaving the European Union without a deal a "victory for common sense".

The City’s policy chief has described Parliament’s decision to reject leaving the European Union without a deal a “victory for common sense”.

MPs voted 312 to 308 to veto a potential no-deal Brexit on Wednesday night – but as the vote was non-binding the UK could still legally do so when 29 March rolls around in two weeks’ time.

But Catherine McGuinness warned against such action, and said that MPs have rightly voted in the interests of businesses and households by “taking a step away from the brink”.

She said: “Parliament’s decision to reject a hugely damaging no-deal Brexit is a victory for common sense.

“Crashing out of the European Union without a deal would be an unprecedented act of self-sabotage. But in order to stave off this costly economic own goal, Parliament now needs to act swiftly to make rejection of no-deal a reality by voting to extend Article 50, and give breathing room for a solution to be found. We also urge the EU to be pragmatic and agree to an extension if requested.

“There is no time for MPs to rest on their laurels. Business needs certainty to thrive. Politicians must come together in the national interest and secure a deal, locking in a legally binding transition within the stipulated timeframe.”

MPs will vote on delaying Brexit on Thursday night, with PM Theresa May reported to be shaping up for a third attempt to get her deal through Parliament next week.

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