End of the line for Theresa May’s Brexit deal as MPs reject it for third time
British lawmakers have rejected the prime minister’s Brexit deal for the third time, leaving the country in limbo on the day it was meant to leave the EU.
UK Prime Minister Theresa May’s Brexit deal has failed for the third and likely final time as MPs in parliament voted to reject it by 286 to 344 on Friday.
British lawmakers’ decision to reject the stripped-down version of May’s withdrawal agreement has left the country rudderless on how, when or if Britain will leave the EU, leaving businesses with yet more uncertainty about the UK’s future relationship with Europe.
Brexit no longer guaranteed
May had warned MPs that if they failed to get behind her divorce bill on Friday, then any further delay to the process would likely be a long one that goes well beyond April 12.
“There are those who will say: ‘The House has rejected every option so far, you’ll probably lose so why bother?’ I bother because this is the last opportunity to guarantee Brexit,” May told the House of Commons.
“If we do not vote for this motion today, people will ask: ‘Why did you not vote for Brexit?’”
Next deadline on the horizon
May’s third defeat in the House of Commons means that British lawmakers have just two weeks to convince their counterparts in Brussels that they have an alternative route to break the Brexit deadlock, despite MPs failing to reach consensus on a Plan B in parliament earlier this week.
However, of the many alternative options voted on by MPs in parliament, British lawmakers came close to a majority on two: a second Brexit referendum and for Britain to leave but remain a member of the EU customs union.
But without a clear path ahead, the likelihood of Britain bailing out of the bloc without a deal looks increasingly likely, a move that if allowed to happen would wreak havoc on UK economy and Ireland.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
See your opportunity?
Seize it now. Trade over 17,000+ markets on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
