U.K. Attorney General Geoffrey Cox said the government will soon put forward a motion in Parliament for snap elections, Reuters and the Financial Times reported.
Opposition parties do not want to go the polls until the U.K.'s departure from the EU is extended.
A Labour Party spokesperson said a day before that the party would not back an election unless Prime Minister Boris Johnson commits to complying with legislation mandating him to ask Brussels for an extension if he fails to reach a deal by Oct. 19.
Parliament reconvened Sept. 25 after the U.K. Supreme Court declared Johnson's decision to suspend Parliament as unlawful.
The pound sank 1% against the dollar around 10:12 a.m. ET.
