March 14, 2019
Brexit continues to approach with uncertain terms. Image credit: European Union
Brexit might be delayed past its original March 29 deadline, as Parliament has voted to push back its split from the European Union.
Following failed votes to gain favor for Prime Minister Theresa May’s Brexit deal and a no-deal exit from the E.U., lawmakers have passed a vote on a motion to delay the break up. While the postponement has received approval from the United Kingdom’s governing body, it still needs unanimous support from the E.U.’s 27 member countries to be put into effect.
Brexit hanging in the balance
Parliament has not been able to settle on a plan to leave the E.U.
In February, Ms. May offered Parliament a vote to avoid a no-deal scenario.
After suffering significant opposition on the existing deal with the E.U., Ms. May prepared for the potential that the legislature cannot reach an agreement ahead of the approaching March 29 date for Article 50. Ms. May agreed to allow a vote to extend the deadline for Brexit, a move that reduces but does not discount the possibility of a no-deal split.
On March 12, Ms. May presented a revised deal to Parliament. She failed to get the votes she needed, and went through with her agreement to hold a vote one day later to see if there was consent among the members of parliament to leave without a deal (see story).
Parliament voted against leaving with no deal in place on March 13, prompting another vote on March 14. This led to the passed motion to delay.
The U.K. is facing an uncertain road ahead. Image credit: Burberry
There was also an amendment on holding another public referendum on Brexit, but that vote failed.
The opposition leader Jeremy Corbyn advised his party to abstain from voting on the amendment. However, he said that he still supports a second vote.
Mr. Corbyn’s amendment that called for a delay to find a different approach to Brexit also failed.
New research shows that Brexit could be detrimental to British luxury brands if no deal is met.
According to a report from Walpole, British luxury could lose up to a 6.8 billion pounds, or almost $9 billion if the United Kingdom leaves the E.U. without any sort of deal. Additional tariffs, taxes and regulation differences between the U.K. and the E.U. may cause a fifth of British luxury business to be at risk (see story).
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