UK lawmakers publish plan to break Brexit impasse

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

But economists and businesses fear a so-called "no-deal Brexit" would hammer the economy as tariffs and other trade barriers go up between Britain and the European Union, its biggest trading partner.

May had hoped that last-minute assurances from European Union chiefs on key sticking points in her deal, chiefly the backstop proposal to keep the Irish border open, would get it through parliament.

On Tuesday, Prime Minister Theresa May's Brexit deal was overwhelmingly rejected for a second time. Though some euroskeptics changed their minds, Tuesday's defeat was still by a hefty 149 votes.

Following the vote the Prime Minister, who struggled through a dramatic day at Westminster with a fading voice, challenged the Commons to say what sort of Brexit it wanted.

The EU is desperate to avoid the blame for no deal so is likely to accept a demand for a longer extension at the March 21 summit, sources in Brussels said. "The Prime Minister has run down the clock and the clock has been run out on her", he said.

The prime minister, hoarse after Monday's late-night talks, told lawmakers: "Let me be clear".

She told the Commons that she was "profoundly sorry" at the outcome and added: "Voting against leaving without a deal and for an extension does not solve the problems we face. Just like the referendum, there are strongly held and equally legitimate views on both sides". Or does it want to leave with a deal, but not this deal?

The House of Commons defeated the idea by just two votes, 314-312, leaving May least temporarily in charge of the Brexit agenda.

Last month, Parliament passed a non-binding amendment ruling out a "no-deal" Brexit, and it is unlikely they will support it now. Should this happen, it would nearly certainly cause economic chaos in not only the United Kingdom and Europe, but around the world.

Tabled by Independent Group MP Sarah Wollaston and backed by members of the new grouping, Liberal Democrats and a handful from other parties, this amendment seeks an Article 50 extension to stage a second referendum with Remain and Parliament's preferred Brexit option on the ballot paper.

"Sterling took a nose dive on the back of the Cox statement", said ThinkMarkets analyst Naeem Aslam. "There will be no further interpretations of the interpretations, no further assurances of the reassurances if the "meaningful vote" tomorrow fails".

A two year delay would give time for a General Election and even a referendum before the Government even tried to negotiate a new form of Brexit in time for whatever the new deadline is. Mrs May's own motion points out that any extension beyond June 30 "would require the United Kingdom to hold European Parliament elections" due to take place on that day.

MPs have approved a Government motion which aims to extend the Brexit process by 412 votes to 202, majority 210.

British voters made a decision to leave the bloc after more than 40 years in a June 2016 referendum, with 52 percent casting ballots to leave.

Many fear that Brexit will divide the West as it grapples with both the unconventional USA presidency of Donald Trump and growing assertiveness from Russian Federation and China, leaving Britain economically weaker and with its security capabilities depleted.

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