MPs to vote on Article 50 extension after rejecting no-deal Brexit

Theresa May suffers second Brexit vote defeat

British Members of Parliament will likely vote Wednesday to rule out a no-deal Brexit.

On Tuesday the British House of Commons again rejected the agreement made by British Prime Minister Theressa May and the European Union with an overwhelming majority.

Verhofstadt said that he is against any extension to the article 50 "if it's not based on a clear opinion of the House of Commons for something".

Theresa May has held out the prospect of a third "meaningful vote" on her EU Withdrawal Agreement within the next week after MPs dramatically voted to rule out a no-deal Brexit.

The pound against the USA dollar (GBPUSD=X) rocketed in the immediate aftermath of parliament voting to reject leaving the European Union without a withdrawal agreement.

The motion was deliberately vague, essentially saying that the government does not wish to actively pursue no-deal Brexit as official policy, yet acknowledged that no deal is the default option, should nothing be agreed before March 29.

Irish Prime Minister Leo Varadkar said the European Union would want to know the goal of any British delay, but added: "I think things look a bit brighter today than they did yesterday".

The EU has done everything it can to help get the withdrawal agreement over the line in British parliament, Michel Barnier, the EU's chief Brexit negotiator, tweeted Tuesday afternoon.

In his Spring statement, he told MPs: "The uncertainty that I hoped would be lifted last night still hangs over it [economy] and we can not allow that to continue". While Mr. Cox said the legal risk of the United Kingdom being stuck in the backstop had been reduced, it would still be nearly impossible for the country to get out of the provision. The financial consequences of a no-deal Brexit are well versed and politicians must now act to prevent this from becoming a reality for businesses and households across the country.

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As May defended her deal with a hoarse voice at the Parliamentary dispatch box before the vote, she was heckled from the benches by calls of "nothing has changed" - a reference to a comment she herself had made after the disastrous 2017 election, which she had called intending to increase her authority going into Brexit negotiations, but in which her party instead lost its majority.

Thereafter, it says, "in a spirit of co-operation and in order to begin discussions on the Future Relationship, the Government should offer a further set of mutual standstill agreements with the European Union and Member States for an agreed period ending no later than 30th December 2021".

The "public vote" part apparently refers to a new referendum on Brexit, as Labour has seemingly walked away from its support towards putting May's deal on public vote that it expressed just a week ago.

One of the problems is that if Article 50 is extended for longer than three months, then Britain would likely have to participate in European Parliament elections in May.

The EU said there would be no more negotiations with London on the Withdrawal Agreement, struck with Mrs May after Two-and-a-half years of negotiations. "This House will have to answer that question".

The late-night developments prompted a series of reactions as MPs and ministers prepared to debate on May's improved package to be introduced in the House of Commons on Tuesday, with voting scheduled in the evening.

The Independent says it is time for a second referendum on Brexit.

In a surprise move, the Commons voted 312 to 308 - a majority of four - in favour of the proposal tabled by former Conservative chairman Dame Caroline Spelman.

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