Will There Be an Orderly Brexit?

The British House of Commons will be voting again about a no deal Brexit after they rejected the agreement that the premier Theresa May and the European Union reached.

The vote was completed after a very intense day of debates and ended in 242 votes in favor and 391 votes against May’s proposal. The House of Commons already rejected the same agreement in January with a higher difference that showed an overwhelming rejection.

May was trying to fix the accords in order to convince the British MPs to accept her plan. To reach thig goal, she traveled to Strasbourg and met with the president of the European Commission, Jean-Claude Juncker. After almost two hours and a half, both sides agreed on a legally binding instrument that would asses all the British concerns about the Irish "backstop".

However, the new arrangement didn't satisfy the British MPs, as it didn't give the United Kingdom the chance of closing off the backstop unilaterally.

Today the members of the British parliament will vote again on a no-deal Brexit, a situation that Theresa May deeply regretted.

"I profoundly regret the decision this House has taken tonight," commented the British prime minister after the vote was held. "I continue to believe that by far the best outcome is the UK leaves the European Union in an orderly fashion with a deal," she added.

If the parliament favors an ordered exit, then the premier would try to promote a postponement petition that would move the Brexit deadline, which is currently set for March 29.

The main leader of the opposition, Jeremy Corbyn, asked May to recognize that her deal was now dead.

"They must now accept their deal is clearly dead and does not have the support of this House," he said in the aftermath.

Meanwhile the European Council representative Donald Tusk lamented the decision, warning against a no-deal outcome.

"With only 17 days left to March 29, today's vote has significantly increased the likelihood of a no-deal Brexit. We will continue our no-deal preparations and ensure that we will be ready if such a scenario arises," he said, regretting the decision.

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.