He said such a result would lead to Brexit being overturned as he called for "some sort of accommodation" to be struck with Mr Farage.
The pound tumbled against the USA dollar (GBPUSD=X) again on Tuesday after newly installed United Kingdom prime minister Boris Johnson threatened to call another snap general election on 14 October, if members of parliament blocked his ability to drag Britain out of the European Union without a deal.
One of London's most prominent currency and economy experts reiterated that if a snap general election was confirmed then it would continue to hammer the pound.
They will first try to make room in the parliamentary agenda for a debate of the bill by putting forward a motion set to be voted on by MPs on Tuesday evening.
He said the move by opposition MPs and members of his Conservative Party to try to delay Brexit beyond October 31 if he can not agree exit terms with Brussels was like "running up the white flag".
Should this happen, Johnson said he would call an election as early as October, a senior government source told Business Insider.
The Prime Minister believes he needs a general election to gain a fresh mandate from voters.
Shortly after crossing the floor Dr Lee, who supports a second European Union referendum, released a strongly-worded statement announcing he had joined the centre-left Liberal Democrats.
His decision will weaken Johnson as he tries to prevent Parliament from blocking his Brexit plans.
Jeremy Corbyn, leader of the main opposition Labour Party, lambasted the weakened Johnson, accusing him of "riding roughshod" over the constitution in order to crash Britain out of the European Union without a deal.
Last week, Queen Elizabeth II granted a request from Johnson to lengthen Parliament's suspension in order to force its hand on Brexit. That has been followed by his threat to kick rebels out of the ruling party - some of them ex-ministers who left the cabinet just weeks ago.
Lee said Tuesday he is leaving because "this Conservative Government is aggressively pursuing a damaging Brexit in unprincipled ways".
Most Welsh MPs are expected to vote to take control of Parliament on Tuesday.
"Many colleagues have been incensed by some of the actions over the past week or so, and I think there is a group of Conservatives who feel very strongly that now is the time to put the national interest ahead of any threats to us personally or to our careers", Hammond told the BBC.
Mounting concern among worldwide investors about Brexit has pushed the pound to its lowest level since a "flash crash" it endured in October 2016, when uncertainty after the Brexit vote was particularly high.
They argue that nothing can justify the risk of a "no-deal" Brexit that would cut economic ties overnight with Britain's biggest export market and inevitably bring huge economic disruption.
Andreeva says the EU's executive body, which supervises Brexit negotiations on behalf of Britain's 27 European partners, is operating on the "working assumption" that Britain will leave the bloc on October 31. "We're leaving on October 31, no ifs or buts".
"That's encouraging them, and weakening our position to actually get the deal we all want".
A spokeswoman for the European Commission said Tuesday that it had yet to see any "concrete proposals" from London on how it wants to change the existing deal. "Let's get Brexit done".