May 20, 2019

This Is What's in Theresa May's New Brexit Deal With the EU

14 March 2019, 03:55 | Glen Norman

The British Parliament voted overwhelmingly today to seek a delay to Brexit from the European Union

The British Parliament voted overwhelmingly today to seek a delay to Brexit from the European Union

There is no obvious way forward for Britain: exiting the European Union without a deal, delaying the March 29 divorce date, a snap election, or even another referendum are all now possible.

The EU said it had made significant concessions as two additional documents were agreed to back up the withdrawal agreement struck in December past year - a joint legally binding instrument which the United Kingdom could use to start a "formal dispute" against the EU if it tried to keep the United Kingdom tied into the backstop indefinitely and a joint statement committing both sides to find an alternative to the backstop by the end of the Brexit transition period of December 2020.

May said the government would not instruct her own party's MPs how to vote, as would normally be the case.

Delaying Brexit would need the approval from all 27 remaining European Union countries. "Said discussion was about how "there's no way out of this, this arrangement" - ie the backstop".

May warned lawmakers that "voting against leaving without a deal and for an extension does not solve the problems we face".

The EU Commission said it would "expect a credible justification" for the postponement. Does it want to hold a second referendum?

This Is What's in Theresa May's New Brexit Deal With the EU
This Is What's in Theresa May's New Brexit Deal With the EU

MPs are expected to vote at 7pm, with Environment Secretary Michael Gove saying it is "make your mind up time".

"I am very, very suspicious and concerned about the time scale", Conservative lawmaker Andrew Bridgen said.

They said its potentially indefinite nature and the UK's inability to withdraw from it unilaterally eroded the UK's sovereignty and did not deliver a true withdrawal from the EU.

With the future of the Brexit deal still hanging in the balance, lawmakers were studying the assurances with lawyers prior to the move. It was trading at $1.3022 at 1135 GMT.

If members of Parliament choose to veto a no-deal Brexit, they will then get a vote on whether to delay the U.K.'s departure from the bloc.

She told parliament that she has struggled with the need to honor the 2016 Brexit referendum results while also getting a good deal from Brussels, adding that if MPs vote to leave with no deal, that will become official government policy.

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May's conservative party has 314 members, who are deeply divided over May's deal.

Now this all goes back to the Irish backstop that Theresa May was talking about.

After Parliament rejected the deal in a defeat of historic proportions in January, May promised to seek changes to address these concerns.

The deal was reached during an emergency meeting with EU Commission President Jean-Claude Juncker in Strasbourg on Monday.

"There will be no further interpretation of the interpretations and no further assurances on the reassurances".

On Tuesday, MPs are scheduled to decide on May's revised plan for Brexit.

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He said members of parliament are working on the assumption May's deal won't pass tonight.

The backstop effectively keeps Britain in the EU's customs union - and therefore unable to strike free trade deals with other countries around the world, ruining a key prize for staunch Brexit supporters. They are not happy and they have been deeply concerned with what's been going on in the negotiations.

"It complicates the issue, it leaves us with the possibility still of a no-deal Brexit, and uncertainty over politics more generally".

"Even if May's deal is not passed today, the market consensus remains of the view that a hard Brexit will be avoided and this view continues to provide underlying support for the pound".

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