Parliament Rejects May's Brexit Deal Again: What It Means And What's Next

Austria's Chancellor Kurz addresses the media in Vienna

Austria's Chancellor Kurz addresses the media in Vienna

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.

"Constituents have been intensely interested in Brexit and the consequences of the referendum, since that vote, but even more so over the last few months".

And although her defeat was by a smaller margin than the record-breaking one she had suffered that month, (by 432 votes to 202, ) it was not enough.

Wednesday's vote, carried by 321 to 278, doesn't change the default legal position, which is that without deal, or unless the European Union agrees to delay Brexit, Britain crashes out in just over two weeks.

She said Conservative Party MPs would not be whipped to support or oppose the no-deal motion on Wednesday evening (Thursday morning AEDT), although she herself preferred to leave "in an orderly way, with a deal". "It is this deal or Brexit might not happen at all", he said.

"If the House finds a way in the coming days to support a deal, it would allow the Government to seek a short limited technical extension to Article 50 to provide time to pass the necessary legislation and ratify the agreement we have reached with the European Union", said May in her speech to parliament. "Tomorrow, the House of Commons will debate the improved deal that these legal changes have created".

Sterling fell again this evening after United Kingdom prime minister Theresa May's "new" Brexit deal was rejected.

The Daily Mail says there is now speculation over how long Mrs May will remain as Prime Minister, although her aides have insisted she has not considered resigning.

May, who had insisted that it was not possible to completely rule out a no-deal Brexit, said lawmakers would need to agree a way forward before an extension could be obtained.

But if there is a no-deal Brexit, things are a lot more uncertain - the Government has been ramping up preparations to try to prevent shortages of food and medicine amid fears that increased bureaucracy will clog up key ports where goods arrive from the Continent.

Theresa May warned lawmakers that "Brexit could be lost" if they voted against her Tuesday.

May - her voice ragged after days of frantic shuttle diplomacy - had earlier told the House of Commons, "this is the moment and this is the time - time for us to come together, back this motion and get the deal done".

"I profoundly regret the decision that this House has taken tonight", Mrs May told MPs moments after the result was confirmed.

May had called the revised deal "improved" following her meetings with Juncker, and she said that while members of Parliament would still have concerns, real progress had been made.

UK Prime Minister Theresa May has secured "legally binding" assurances to her Brexit plans in a bid to win over Brexit rebels in the House of Commons, a day before a meaningful vote takes place amongst MPs.

Pro-EU lawmakers are pushing for a second referendum on Brexit. However, it remains the default option if nothing else can be agreed.

"The Prime Minister has run down the clock and the clock has been run out on her", Mr Corbyn said. "It's hard to see what more we can do".

If there is a solution to the current impasse, it can only be found in London.

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