Categories: Market Overview

Theresa May set out a plan to extend Article 50

UK Prime Minister Theresa May has laid out plans for a possible extension to Article 50 to avoid the UK leaving the European Union at the end of March without a deal. Such an extension would first require MPs to vote to reject both the prime minister’s current deal and a no-deal scenario. Speaking to the House of Commons on Tuesday, May acknowledged fellow ministers’ worries that “time is running out,” but maintained that she believed a no-deal Brexit would not be as disastrous as predicted. “I believe, if we have to, we will ultimately make a success of a no-deal,” the prime minister said, amid loud scoffs from the House.

The steps toward the contested extension were outlined in May’s “three commitments,” a three-step process planned for mid-March.

The Three Commitments

  • MPs will take part in a meaningful vote on March 12 over May’s current Brexit deal
  • Should her deal be rejected, MPs will then be invited to vote on March 13 on whether the UK should leave the EU without a deal
  • Rejection of both of the above would lead MPs to a third vote on March 14 on the extension of Article 50

Parliament divisions

However, May warned that an extension, should it happen, would be a one-off situation and would be brief, creating “a much sharper cliff edge.” The only way to avoid leaving the EU without a deal would be to agree a deal or to revoke Article 50 altogether, the latter of which “is something I will not do,” the prime minister said. May rejected proposals of a second referendum, saying it would take the country “back to square one.” “This House voted to trigger Article 50 and this House has a duty to deliver on the result,” she added. Labour leader Jeremy Corbyn, who is due to announce his backing of a second referendum, said in response to May’s speech that he would expect a public vote, should May’s deal pass parliament’s meaningful vote.

UK Prime Minister Theresa May lays out plan for extension of Article 50, EuroNews, Mar 01

The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team
Tags: brexit

Recent Posts

Amazon Wave Analysis 16 May 2024

- Amazon reversed from resistance level 190.00 - Likely to fall to support level 180.00…

10 hours ago

USDCHF Wave Analysis 16 May 2024

- USDCHF reversed from round support level 0.9000 - Likely to rise to resistance level…

10 hours ago

Crypto market shakes off consolidation

Market picture The release of US inflation data sparked a surge in risk asset purchases,…

21 hours ago

Gold Wave Analysis – 15 May, 2024

• Gold broke daily down channel • Likely to reach resistance level 2415.00 Gold recently…

2 days ago

AUDUSD Wave Analysis – 15 May, 2024

• AUDUSD broke key resistance level 0.6650 • Likely to reach resistance level 0.6760 AUDUSD…

2 days ago

EURUSD is trying to break the 5-month downtrend

The US dollar has been under relentless pressure since last Thursday, approaching more than one-month…

2 days ago

This website uses cookies