British MPs vote in favor of ruling out a ‘no-deal’ Brexit

Source Bloomberg

Source Bloomberg

But lawmakers will finally be given the chance to vote on Wednesday night to avert such a "no deal" Brexit, and likely delay Britain's exit date, too, in what could be yet another blow to May's government. However, GBP bulls could take comfort from the increasing prospect of Parliament wresting control from the Government, with a snap general election and a second referendum both still possible, albeit unlikely for now.

A phalanx of pro-Brexit politicians supports a "no-deal" Brexit.

"The party is going to be fundamentally divided over this".

In remarks released late Tuesday, Maas said the U.K. Parliament's decision to reject the deal "brings a no-deal scenario ever closer".

A group of Conservative MPs from across the Brexit divide, including have tabled an amendment to tonight's vote on the so-called "Malthouse compromise".

In a surprise result, MPs voted in favour of an amendment to Theresa May's motion that changed it to reject a no-deal Brexit at any time and under any circumstances.

But in a sign of the danger the United Kingdom now finds itself in, even that is far from certain to actually happen.

Supporters say it allows Britain to control immigration and take advantage of global opportunities, striking new trade deals with the United States and others while keeping close links to the European Union, which, even without Britain, would be a single market of 440 million people.

Environment Secretary Michael Gove, standing in for May after she lost her voice in earlier debates, told parliament that tens of thousands of businesses were not prepared for a no-deal exit.

She was scathing of the Labour leader Jeremy Corbyn.

She told Commons Speaker John Bercow: 'It is a constitutional crisis and I'm sorry if it bores people on that side of the House who have just voted as Conservatives for a no-deal, but in any event there is a real concern that time and again this House speaks and we vote as you have seen this evening and the response at the despatch box is, in effect, for what we pass to be utterly dismissed'.

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.

Many fear Brexit will divide the West as it grapples with both the unconventional USA presidency of Donald Trump and growing assertiveness from Russian Federation and China, leaving Britain economically weaker and with its security capabilities depleted. The discussion on Article 50 is done and dusted. "Or does it want to leave with a deal but not this deal?"

A spokesman for European Council President Donald Tusk, representing EU governments, said Britain would have to provide a "credible justification" for any request for a delay.

This means there is a chance Brexit could now be delayed, with MPs having to choose whether they want to postpone leaving the European Union - and how long for.

The pound against the U.S. dollar (GBPUSD=X) fell to under $1.31 following May's failure to win over MPs with a series of last-minute changes agreed with the European Union.

In the meantime, the pound has a long way to recovery against the dollar - especially since a no-deal Brexit is not fully off the table. "No deal is better than a bad deal but I have been working for us to leave on 29 March and leave with a good deal".

He added: "We can not continue to behave like this as a government".

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