LONDON (Reuters) – British lawmakers sat on Wednesday to avert the threat that they would not quit the European Union on March 29, but the second defeat of Prime Minister Theresa Mays divorce agreement has left the country on its way into Brexit unknown.
Britain's Prime Minister Theresa May speaks in Parliament in London, UK, March 13, 2019, in this screen shot from video. Reuters TV via REUTERS
After two and a half years of worrying divorce negotiations with the EU and two failed attempts to ratify the exit agreement by Parliament, May said she would vote against a suspension that investors fear would boast financial markets, dislocate supply chains and damage the world. fifth largest economy.
Legislators will vote shortly after 1900 GMT on a government movement saying that Parliament rejects leaving the EU without an agreement on March 29, but notes that unconditional disclosure remains legal standard unless an agreement is agreed.
While the movement has no legal force and ultimately does not rule out a withdrawal, if legislators support it as expected, they will receive a vote on Thursday on whether to delay Brexit, probably for months.
Finance Secretary Philip Hammond said he could release billions of pounds for extra public spending or tax cuts if Parliament saves the UK the shock of leaving the world's largest trading bloc without agreement to smooth the transition.
"Leaving without a contract would mean significant short and medium term disturbances and a lesser, less successful economy in the long run, than if we were to conclude," Hammond told Parliament.
Sterling was unbelievable under Hammond's speech and kept his previous winnings in the back of hopes that legislators will vote against a wedding without Brexit.
After legislators crushed their deal for a second time on Tuesday, May said it was still the best option to leave in an orderly manner.
"I want to leave the EU a lot, I think we have a lot," she told Parliament. Can say that the government would not instruct its conservative party legislature how to vote.
Legislators have submitted alternative proposals, including a plan for a "managed" termination, which could also be voted on Tuesday.
As the United Kingdom's three-year Brexit crisis wins against the finals, diplomats and investors see four main options: a delay, last-minute corn agreement, an accidental ending or another referendum.
German Chancellor Angela Merkel said: "We have not stated the objective of an orderly exit (for the UK) but yesterday's events mean that the alternatives have become narrower."
If Britain is looking for a delay, all other 27 members of the joint organization must agree.
The EU prefers a short extension, with the deadline for EU-wide parliamentary elections due May 24-26. It is unclear how such a short extension could solve the Brexit deadlock in London.
EU Child Negotiator Michel Barnier said the block would need to know why the UK wanted to extend talks and it was up to London to find a way out of the deadlock.
"If the UK still wants to leave the EU in an orderly manner, this is the treaty – and will remain the only treaty possible," Barnier told the European Parliament in Strasbourg.
As Brexit's uncertainty spreads in the foreign exchange market, stock exchanges and bond markets around the world, investment banks such as Goldman Sachs and JPMorgan offer different probabilities to the results.
"We continue to see a 55 percent chance that a close-up version of the Prime Minister's Brexit agreement will ultimately be ratified, following a three-month extension of Article 50," Goldman said. Its best guess was that a reversal of Brexit had a 35 percent probability and a lack of Brexit-10 percent probability.
Brexit Minister Stephen Barclay said that no agreement was preferable to staying in the EU.
"If you drove me to the end point where there is a choice between no business and no Brexit … I think no business will be very disturbing to the economy and I think no deal also has serious issues for the union," He told BBC radio.
"But I think no Brexit is catastrophic for our democracy. Between these very unpleasant choices, I think no Brexit is the greater risk."
The EU said there could be no negotiations with London on divorce.
The British voted 52-48 percent in 2016 to leave the block, a decision that has split the main political parties and exposed deep in British society.
Many rescues Brexit will share the West because it addresses both the unconventional American Presidency of Donald Trump and increases assertiveness from Russia and China and leaves the UK economically weaker and with its security opportunities depleted.
Supporters say it allows Britain to control immigration and exploit global trade opportunities while maintaining close ties with the EU.
Further reporting by Elisabeth & 39; Leary and Alastair Macdonald in Brussels; Writing by Michael Holden and Guy Faulconbridge; Editing by Janet Lawrence