Just days before the United Kingdom was due to leave the European Union, the Mar...
LONDON - Just days before the United Kingdom was due to leave the European Union, the March 29 cliff edge was moved by two weeks to April 12 but it is still uncertain how, when or if Brexit will happen.
This is the nightmare scenario for many businesses: it would spook financial markets and dislocate supply chains across Europe and beyond. The political and social impact is unclear. A long extension is envisaged as being for one year, giving time for Britain to hold an election, a referendum or both. This avoids delaying so long that Britain’s presence would complicate negotiations for a new EU long-term budget from 2021.
If May hoped a televised address on Wednesday would persuade wavering lawmakers to support her, it appears to have backfired, alienating the people she must win over. If May’s deal fails a third time, her Brexit negotiation will have collapsed and her authority would be shot, though the mechanism for removing her is still unclear.No-deal means there would be no transition so the exit would be abrupt. Britain is a member of the World Trade Organization so tariffs and other terms governing its trade with the EU would be set under WTO rules.
Lawmakers are due on Monday to debate a government motion saying parliament has considered a statement made by May on March 15 which set out the government’s next steps on Brexit, including the plan to seek a delay. Some lawmakers have proposed a set of indicative votes to plot a way forward. If May’s deal is defeated on Tuesday, this could happen on Wednesday.
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