The British Parliament Rejected No-deal Brexit

After another voting round this Wednesday, the British House of Commons rejected the possibility of leaving the European Union without a deal. The British MPs Caroline Spelman and Jack Dromey introduced and voted an amendment that ruled out a no deal Brexit under any circumstance and at any time, which was approved by 312 votes to 308, a very tight margin that shows how divided the Parliament is.

The results were followed by another voting round, where the MPs voted on an amendment that would obligate May´s government to prepare a detailed plan in case of a non-orderly exit from the Union. However, the so-called "Malthouse compromise" was rejected by a substantial majority, with 374 votes against and 164 in favor.

A third amendment that rejected a no-deal Brexit, modified by the Government, was passed by 321 votes to 278.

Theresa May expressed her relief after the voting rounds, highlighting that was the fact that the parliament rejects a chaotic Brexit is good news. However, since those declarations are not legally binding, in order to avoid a non-orderly exit the government has to make a petition to change the deadline, which is currently set for March 29.

"The legal default in EU and UK law is that the UK will leave without a deal unless something else is agreed. The onus is now on every one of us in this House to find out what that is," said the British Premier.

If the British parliament doesn't endorse the accords while being against a non-orderly exit on the upcoming days, then the UK would be obligated to participate in the European Elections, an undesirable outcome for the British Premier.

Now the parliament is voting again today to clear the possibility of asking Brussels and extension, which would set a new deadline at the end of June.

Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.