British Members of Parliament (MPs) are voting again Wednesday evening on whether to block a 'no-deal' departure from the EU.
As if yesterday's momentous rejection of the U.K.'s Brexit deal with the European Union was not enough to unsettle markets, British Members of Parliament are voting again Wednesday evening on whether to block a"no-deal" departure from the EU.
Infamously known as a"cliff-edge" Brexit, a no-deal exit would mean the U.K. abruptly ceases to be a member of the EU overnight on March 29 with no 21-month transition period in place to gently prepare for life outside the economic and political bloc it has belonged to for 46 years. May said after her loss Tuesday that a"no deal" remains the default unless a withdrawal agreement is ratified. Meanwhile, a spokesman for European Council President Donald Tusk said Tuesday that the second rejection had"significantly increased" the risk of a damaging"no-deal" divorce, according to Reuters.
Ahead of the vote, the government announced the country would slash tariffs on a range of imports from outside the European Union should lawmakers opt to leave without a deal. The EU's chief Brexit negotiator Michel Barnier said in Strasbourg Wednesday that the U.K. had to decide what it wanted, and that the risk of a no-deal exit had"never been higher."
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