Brexit: EU says chance of no deal has 'significantly increased'

Brexit: EU says chance of no deal has 'significantly increased'

After two-and-a-half years of negotiations and two failed attempts to pass her deal, parliament are voting to reject a no-deal exit, which investors feared would spook financial markets, dislocate supply chains and damage the world's fifth largest economy.

It was based an amendment by Tory MP Dame Caroline Spelman.

MPs also voted against the Malthouse Compromise B amendment which sought to delay Brexit until May 22, by a majority of 210.

Yesterday, MPs in UK's House of Commons rejected British Prime Minister Theresa May's amended Brexit deal despite her managing to secure "legally binding" changes to it from the European Union in 11th hour talks meant to soothe UK Brexiteers in parliament. Nigel Dodds, a DUP MP, told the House of Commons that despite the revisions, "the fact is that Northern Ireland and the rest of the United Kingdom could be trapped" in the backstop.

Mrs May told MPs "the options before us are the same as they always have been".

After two-and-a-half years of tortuous divorce negotiations with the European Union and two failed attempts to get her exit deal ratified by parliament, May said she would vote against a no-deal exit that investors fear would spook financial markets, dislocate supply chains and damage the world's fifth largest economy.

"Today we have secured legal changes", May told reporters after the talks with Juncker and the European Union's chief negotiator Michel Barnier. The house needs to decide what it is for.

May said after the vote that she "profoundly regrets" the House of Commons' rejection of the deal and that delaying Britain's departure won't solve the underlying problem.

"In the last 24 hours parliament has decisively rejected both her deal and no-deal".

"The people who I'm really concerned about are some in the cabinet and other ministers who have undermined the negotiation process by calling for article 50 to be taken away", he said.

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"But extending article 50 without a clear objective is not a solution".

"The Prime Minister has run down the clock and the clock has been run out on her", Mr Corbyn said.

The, which included guarantees that the so-called Irish backstop will not be a permanent measure, received 242 votes in favor and 391 votes against, NU.nl reports.

To many lawmakers who had voted down May's deal for the first time in January because of concerns over the "backstop", Cox's advice provided evidence that their concerns had not been sufficiently met.

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".

"We can remove the imminent threat of no-deal hanging over us tonight.we have huge opportunities ahead of us".

The pound broke past the $1.33 barrier by rising over 2.1% - which is significant considering how much pressure the currency was under when prime minister Theresa May's deal was voted down for the second time, last night.

The prime minister also confirmed that if the parliament rejects the no-deal scenario, its members will vote on postponing the official Brexit day under Article 50 of the Lisbon Treaty.

The EU is most likely to agree to a short extension for Britian to leave the EU after March 29, possibly through to May before elections to the European parliament are held. "In the European elections, you don't want me coming back here, or hordes of Eurosceptics coming back here".

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