Theresa May’s Brexit deal defeated again — ‘A waste of two years’
Prime Minister Theresa May’s plan for taking the U.K. out of the European Union has been comprehensively rejected by parliament for the second time, paving the way for a vote that could delay Brexit.
With less than three weeks to go until the country is set to leave the trading bloc, May saw her EU withdrawal agreement defeated by 391 votes to 242 in a parliamentary vote on Tuesday night. May has now promised to give U.K. politicians votes on whether they want to rule out a no-deal Brexit and, if so, extend Article 50 beyond March 29. These are scheduled for March 13 and 14, respectively.Ultimately, Members of Parliament were unconvinced that May had secured enough changes with EU officials to the withdrawal agreement’s Irish backstop clause — an insurance policy to avoid a hard border in Ireland until a new trading relationship is established, which many feared would lock the U.
Sterling has been hit by the volatility but is expected to rally on any clear sign that a no-deal exit will be avoided. Speaking in the House of Commons after the result was announced, May said: “This is an issue of grave importance for the future of our country... voting against no deal and for an extension does not solve the problems we face. The EU will want to know what use we wish to make of such an extension; does it want to cancel Art 50, does it want a second referendum?”Financial News will be tracking reaction from the City of London as this crucial week in British politics unfolds.
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