The vote of no confidence in the UK government, as tabled by Labour leader Jeremy Corbyn last night, has not passed by a margin of 19, with 325 votes to 306.
Following the vote, Prime Minister Theresa May said she will be speaking to senior individuals and leaders of the opposition parties to discuss the next steps.
May said: "The government will continue work to deliver on the result of the referendum and leave the EU.
"I would like to invite the leaders of parliamentary parties to meet with me individually and I would like those meetings to begin tonight."
Corbyn called the no confidence vote immediately after May suffered a historic defeat in Parliament.
The UK Government lost the vote on its Withdrawal Agreement and Political Declaration on the UK's future relationship with the EU by a historic margin, with 432 votes to 202 on Tuesday.
May will turn her attention back to formulating a 'plan B' Brexit deal, which she will attempt to pass through Parliament and get ratified by the European Union.
The UK is still scheduled to leave the EU on 29 March.
The Prime Minister is said to have broadly four possible alternative options.
The first possible option is to return to Brussels to seek further concessions for - and therefore amendments to - her existing deal.
Alternatively, May could seek to negotiate an entirely new deal in efforts to create a palatable compromise to put in front of Parliament.
However, the issue for both options is that senior EU officials have consistently warned that there will be no renegotiation.
In efforts to achieve a renegotiated deal, or to allow more time to win support for her current deal, May could seek to delay Brexit beyond 29 March and the 2020 transition period, which the UK is able to do unilaterally.
Finally, the defeat reopens the potential for no Brexit at all, either as a result of an executive decision or by the means of a second referendum, although this is unlikely if May is to continue as PM.
Dean Turner, UK economist at UBS Global Wealth Management, commented: "As anticipated, May has overcome the first hurdle of the confidence vote, but she is far from the finish line.
"Attention will now swiftly turn to Plan B. Our suspicion is that when we hear the PM's next steps on Monday, it will look remarkably like Plan A, which will not offer markets much guidance.
"The salient question will remain - can the PM secure legally binding reassurances on a Northern Ireland backstop that boost the chances of getting the Withdrawal Agreement through Parliament - or will she change tack and risk further internal strife?
"At this stage, it does not seem wise to take directional views on sterling on the basis of unknowable political outcomes."