United Kingdom parliament votes on extension of Article 50

British PM Theresa May's Brexit deal is in peril after last-minute changes failed to allay concerns
Camera Icon British PM Theresa May's Brexit deal is in peril after last-minute changes failed to allay concerns

15 March, 2019

After bottoming at 1.3049 Thursday on mounting tensions around the parliament's vote on PM May's Brexit deal, the GBP/USD pair recovered sharply, topping for the day at 1.3280.

First up is that hugely controversial and fascinating vote on whether to back a second referendum.

Cabinet Office minister David Lidington told MPs that in this case, the Government would stage two weeks of debate following the March 21-22 summit for the Commons to try to establish a majority around a different plan.

"Refusing to give justification for his decision, the Speaker said, after a point of order from Brexiteer Tory Mark Francois, "It is not uncommon for a member of this House to be mightily pleased when his or her amendment is selected and notably displeased when it is not". I mean. she's got to do what she's got to do.

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Among those chosen is one brought forward by the Independent Group's Sarah Wollaston, calling for the delay to be held based on providing enough time for a second referendum. The motion commits May's government to seek an extension until June 30 if Parliament approves a U.K. -EU withdrawal deal next week.

Meanwhile, EU officials are leaned toward a longer extension but opened to a shorter one.

Any extension must be approved unanimously by the 27 remaining European Union states, and Austrian foreign minister Karin Kneissl said there could be "some problem" in obtaining this if it took Brexit beyond the date of elections.

May will most likely make a third attempt to push her unpopular deal through next week, ahead of what looks to be a crunch European Union summit scheduled for Thursday and Friday. I gave the Prime Minister my ideas on how to negotiate it and I think you would have been successful. Barnier clarified once again that the deal is not open for renegotiation, adding that his main concern is not an orderly Brexit, but to organize the future relationship, as the United Kingdom will remain "a close partner, a friend, and an ally".

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