Extension Looks Likely To Avoid No-Deal

GBP

Late last night MPs voted by a majority of one to force the prime minister Theresa May to ask for an extension to the Brexit process, in a bid to avoid any no-deal scenario. Labour's Yvette Cooper led the move which attempts to prevent a no-deal departure from the EU and was passed by 313 votes to 312. The draft legislation by the former Labour minister would force the prime minister to ask the EU for an extension to the Article 50 process beyond 12th April and would give Parliament the power to decide the length of this delay. The final say on whether an extension could be granted is dependent on the EU and whether they are willing to give the UK a lengthy extension.

Theresa May held ‘constructive talks’ with opposition leader Jeremy Corbyn as she seeks past the Brexit impasse. Sterling reacted positively to May’s meeting with Corbyn which gives new optimism that an agreement can be reached so May’s current withdrawal agreement can pass through Parliament.

The two leaders met on Wednesday afternoon and agreed a ‘programme of work’ to try find a way forward in which MPs can vote on. A spokesman for number 10 said both parties were ‘showing flexibility’ and added that they were willing to draw the current uncertainty to a close.

Jemery Corbyn told reports that there had not been much of a change in the PMs position but said the meeting was ‘useful but ‘inconclusive’. Furthermore Corbyn said he raised a number of issues with May including future customs arrangements, trade agreements and giving the public a final say over the deal in another referendum. Talks are expected to continue between both May and Corbyn. However if an agreement cannot be reached then May has said a number of options will be put forward to MPs ‘to determine which course to pursue’.

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