UK lawmakers rejected PM Theresa May’s BREXIT deal for a 3rd time Friday, sounding its probable death knell and leaving Britain’s withdrawal from the European Union in turmoil on the day it was supposed to leave the single currency socialist bloc.
The decision to reject a stripped-down version of Mrs. May’s deal has left it totally unclear how, when or even whether Britain will leave the EU, and sendes the 3-year BREXIT into more uncertainty.
After a special sitting of parliament, lawmakers voted 344-286 against Mr.s May’s 585-page EU Withdrawal Agreement, agreed after 2 years of negotiations with the cracked socialist bloc.
Mr. May told Parliament the vote was the last opportunity to ensure BREXIT would take place and cautioned that if the deal failed, then any further delay to BREXIT would probably be a long and maybe beyond 12 April
Parliament rejected ‘no deal’ and it rejected ‘no BREXIT’. Wednesday it rejected all the variations of the deal on the table.
“This government will continue to press the case for the orderly BREXIT that the result of the referendum demands,” Mrs. May said.
GBP has been buoyed in recent weeks by hopes that the likelihood of an abrupt ‘no-deal’ BREXIT is receding to as low as $1.2977 on the day.
Within minutes of the vote, European Council President and Summit Chairman Donald Tusk Tweeted that EU leaders will meet on 10 April to discuss Britain’s departure from the bloc.
The EU executive, the Commission, said that a “no-deal” exit on 12 April was now “a likely scenario.”
On Monday lawmakers will attempt to agree on an alternative BREXIT plan that could command majority cross-party support in Parliament, something largely unheard-of in Britain’s political system.
The defeat means Britain now has until April 12 to convince the 27 capitals of the EU that it has an alternative path out of the impasse, or see itself cast out of the bloc from that date with no deal on post-BREXIT ties with its largest trading ally.
Many eurosceptics see this as their preferred option but businesses say it would cause huge damage not only to the world’s 5th-biggest economy, but also to that of neighboring Ireland.
However, any further extension would not only require Britain to take part in European Parliament elections in May, but also bring months of fresh uncertainty.
A second referendum could then be in play, although many lawmakers believe the most likely outcome and only way to solve the crisis will be a snap election.
Meanwhile the uncertainty around Brexit, the United Kingdom’s most significant political and economic move since World War II, has left allies and investors aghast except that of the US.
White House national security adviser John Bolton said Friday that President Trump is eager for a US trade deal with Britain once it breaks away from the EU.
“President Trump remains very eager to cut a bi-lateral trade deal with an independent Britain. It is what the people voted for in 2016, and when they get out, whether it’s now, April 12 or later, we will be standing right there waiting for them,” Mr. Bolton said in an interview Friday .
BREXIT supporters say that, while the divorce might bring some short-term instability, in the longer term it will allow the United Kingdom to thrive if cut free the doomed European socialist experiment.
What’s next? We wait, we see…
Have a terrific weekend.
Latest posts by HEFFX Australia (see all)
- DAX PERFORMANCE-INDEX (.GDAXI) Gains Amid Hopes Of a Global Economic Recovery - July 8, 2020
- What To Expect This Earnings Season - July 8, 2020
- Australia: S&P/ASX 200 (.AXJO) Slides Over Surging Virus Infections - July 8, 2020