Goldman Sachs analysts warn markets that the risk of a general election in the UK has intensified following the rejection of all the four indicative votes by the UK parliament a day before.

• Modified Brexit deal now seen at 45% versus previously seen at 50%.

• No Brexit via second referendum seen at 40% versus previously seen at 35%.

• No-deal Brexit seen at 15% versus unchanged from the previous.

• Risks around the timing of the ratification of that modified Brexit deal are now skewed towards a long Article 50 extension (of greater than one year) rather than a short extension (of fewer than three months).