The U.K. policymakers have refused the idea of exiting the EU (European Union) without a Brexit agreement in place, outfitting another vote on whether its formal departure date should be prolonged. A no-deal departure was broadly anticipated to be routed as most MPs (Members of Parliament) want to avert the financial uncertainty and trade disturbances that it can cause. Nevertheless, the evening saw more tragedy than many had expected after policymakers efficiently seized Prime Minister Theresa Mayâ€™s parliamentary action. Reportedly, Mayâ€™s administration had asked Parliament to cast vote on dismissing a no-deal Brexit for the March 29 deadline. But previous to that, MPs closely supported an alteration that refused a no-deal Brexit in any circumstance.
This significant change caused Mayâ€™s administration ordering its own MPs to cast vote against its motion. But the altered proposal was still accepted by 321 votes to 278. Seemingly, the vote was non-binding but it demonstrated the strength of feeling amid policymakers and will have political weight in future debates. After the result, analysts at Citi reported in a research note, â€œTodayâ€™s big revolt severely weakens Prime Minister Theresa Mayâ€™s power and can cause ministerial resignations. Sudden elections have become apparently destined.â€ Infamously known as a â€œcliff-edgeâ€ Brexit, a no-agreement departure would state the U.K. suddenly ends to be a member of the EU on March 29. It would also mean that there will be no 21-Month transition span in place to quietly prepare for life outside the union it has existed for 46 Years. It will have to depend on the WTO (World Trade Organization) trading rules.
Speaking of the Brexit, in recent time British pound surged the most in almost 2 Years after the U.K. lawmakers cast vote to reject a no-deal Brexit. Sterling jumped after the U.K. policymakers refused to leave the EU without an exit agreement. The pound was increased by 2% alongside the dollar at $1.3339 as financiers become more positive that a hard Brexit would be excluded.