The UK will either leave the EU on 29 March without a withdrawal agreement – or that departure date will be delayed.
The UK Prime Minister Theresa May is now facing a series of vote next week that will set Brexit on a new path. On Tuesday, lawmakers will vote for a second time on the plan and deal that May saw rejected in January. Despite being initially rejected in January, there seems to be a feeling of forcing a deal in the future.
Many are still concerned that the UK has no real plan that will map out the future of the UK relationship. Now that lawmakers are voting for a second time, there will be some new idea injected into the mix – allowing for a clearer path at least for the near future. There is a growing feeling that the confusion will eventually encourage the British to become part of a trade pact with the US, Canada and Mexico to build a new trade relationship – one that can ease that pain of the EU failure.
The initial deal failed to win approval by the parliament. It failed as there widespread opposition to a key part of the deal that is known as the “Irish backstop” which is effectively an insurance policy designed to prevent a hard border between Northern Ireland and the Republic of Ireland if the EU and UK fail to come to an understanding.
The next vote will be Tuesday, March 12, as MPs will be asked to vote again but as the PM says, the vote and the future, at least the near term, will be “on a knife edge.” If a simple majority of the lawmakers do not vote on a deal, they will be forced to vote, in the future, on whether they want to leave the 38-member political and economic bloc without a deal in place.
Team Classiarius – from an article on CNBC by Ellyatt, 6 March.