Drastic measures surrounding Brexit — including a no-deal departure or a snap general election — could be on the cards now.
Drastic measures surrounding Brexit — including a no-deal departure or a snap general election — could be on the cards after the British Parliament failed yet again to agree on any alternative options.
There is an increasing expectation now that Britain could go in one of four directions — toward a no-deal departure from the bloc, holding a snap general election, Parliament agreeing to the U.K. remaining within a customs union with the EU and/or holding a confirmatory referendum on any eventual strategy.
Brexit Secretary Stephen Barclay reminded Parliament Monday night that Britain was scheduled to leave the EU on April 12 if no deal was in place. A no-deal exit is seen as a dreaded cliff-edge scenario for businesses where the country has the rely on WTO trading rules. Sterling fell almost 1 percent to $1.3048 following the votes Monday night and was trading around the same mark Tuesday morning; London's FTSE 100 index was 0.3 percent higher in early deals.
As Parliament shows itself so far unwilling to find a compromise, Brexit watchers have spoken of the possibility of a snap general election. How that could turn out is anyone's guess with Brexit throwing up unprecedented division among lawmakers and the public. "With the indicative votes process having come so close to identifying a 'softer' path tonight, it looks likely more bargaining and tweaks to the motions will generate a positive outturn on Wednesday. It is not clear to us how PM May can forestall that, and the potential split in her party that could follow."
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