Risk Management Rockville

Wealth Advisor Rockville, MD

British Prime Minister Theresa May has once again lost a crucial vote for her Brexit plan in Parliament, which means the United Kingdom has missed an EU deadline to delay Brexit to May 22 and leave with a deal.

On March 29, British lawmakers rejected her deal to leave the European Union. This is the third time her proposed deal has voted down by UK Members of Parliament. May’s latest draft of the deal, which has been signed off by EU officials in Brussels, was beaten by 344 votes to 286, a margin of 58 votes.

In reaction to the vote, sterling fell below 1.30 versus the dollar, after trading above $1.310 for much of the session.

While the UK Parliament has already rejected May’s deal on two other occasions, the latest vote was different because it only covered the “withdrawal deal,” an almost 600-page treaty which covered citizen’s rights after Brexit, a $51 billion divorce payment by the UK to the EU, and how to treat the Irish land border. What was left out of the third draft was the political declaration element that vaguely outlines their future trading relationship, a move that was likely implemented to circumvent parliamentary rules and help bring in more outlying lawmakers.

Following her brutal defeat, May, the leader of the Conservative party, addressed the House of Commons and insisted she would continue to push for an “orderly Brexit.”

The prime minister, who had promised to resign if this deal was passed, also said that the loss was “a matter of profound regret,” adding that “I fear we are reaching the limits of this process in this House.”

In response, the leaders of the Labour party and Scottish National Party, her main opposition, called for May to hold a general election.

Labour leader Jeremy Corbyn said: “The House has been clear, this deal now has to change.: He added, “There has to be an alternative found. And if the prime minister can’t accept that then she must go, not at an indeterminate date in the future but now. So that we can decide the future of this country through a general election.”

Following the vote, European Council President Donald Tusk tweeted that emergency EU summit would be held on April 10, which is a mere two days before the UK is officially set to leave the European Union.

May has until April 12 to get an extension for negotiations in order to avoid a no-deal Brexit, which is set for that date unless the UK does not seek and the EU does not grant further delay.

Britain was set to leave the EU on March 29, but was given until May 22 if politicians could agree to May’s deal. Since the deal has yet to be agreed upon, the new Brexit date is April 12. If the UK requests to stay longer, it must participate in European Parliamentary elections which begin on May 23.

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Wealth Advisor Rockville, MD