Brexit Deal Fails

May's deal was rejected, paving the way for a chaotic Brexit.

Economic News
Mar 13, 2019

In a crucial vote last night the United Kingdom’s Parliament voted against Prime Minister Theresa May’s deal to exit the European Union. Despite May’s hard work over the last few weeks to ensure legal provisions that would allow the United Kingdom to resolve some of the initial proposal’s more unpopular clauses, her improved deal still failed to gather enough support to survive the last vote.

As a result from officially rejecting the deal, today the UK Parliament will vote on whether they want the United Kingdom to have a hard Brexit, i.e. leave without a deal. It is widely expected that this vote will also be negative, leading to a third vote tomorrow on whether they wish to postpone Brexit, which right now seems the most viable option.

Meanwhile, PM Theresa May, who is currently immune to votes of no confidence on account of surviving one such vote recently, has stated that despite the rejection, her cabinet is committed to securing a smooth transition and will continue to work with the EU. For their part, the European member states said that there is nothing more they can do for the UK at this time; they negotiated a deal and were even ready to provide last-minute amendments to the original proposal to make the deal more appealing for the UK Parliament, but with all of this failing, it is now up to the United Kingdom to decide where they go from here.

Anna Sneider

Economic News

Markets Review on March 13

We are expecting a vote in the UK.

Marten Claes
Mar 13, 2019

Economic News

Markets review

Markets review

Marten Claes
Mar 12, 2019

Economic News

Key Brexit Vote Today

UK Parliament is voting on May's deal for the final time today.

Anna Sneider
Mar 12, 2019