May’s Plan Left in Turmoil

GBP

On Friday, the day the UK was due to leave the EU, the Pound struggled after MPs rejected Theresa May’s EU agreement leaving Britain’s withdrawal from the European Union in turmoil. May’s government lost by 344 votes to 286, a margin of 58, and means the UK has missed an EU deadline to delay Brexit to 22 May and leave with a deal. The decision to reject a stripped-down version of May’s divorce deal has left it totally unclear how, when or even whether Britain will leave the EU, and plunges the three-year Brexit crisis to a deeper level of uncertainty.

The Prime Minister now has until 12 April to seek a longer extension to the negotiation process to avoid a no-deal Brexit on that date. May is under increasing pressure to find a consensus in parliament, after her deal was rejected by MPs for a third time. May said the UK would have to find “an alternative way forward”, which was “almost certain” to involve holding European elections.

MPs are once again set to take control of the parliamentary agenda in a fresh attempt to find an alternative to Theresa May’s Brexit deal. Parliament will vote on different Brexit options on Monday and then May could try one last roll of the dice by bringing her deal back to a vote in parliament as soon as Tuesday. MPs will take part in a second round of indicative votes to see if there’s an option that can command a majority.

Britain’s exit from the European Union was in disarray after the implosion of Prime Minister Theresa May’s Brexit strategy left her under pressure from rival factions to leave without a deal, go for an election or forge a much softer divorce.

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