newsdog Facebook

Tories Jostle Over No-Deal Ahead of Crucial Vote: Brexit Update

Bloomberg 2019-03-13 14:32:01

European Union flags fly outside the Houses of Parliament in London.

Photographer: Luke MacGregor/Bloomberg


Photographer: Luke MacGregor/Bloomberg

Theresa May’s Brexit deal was thrown out again by Parliament, and politicians are now poised to force the government to take the no-deal exit businesses fear most off the table. Chancellor of the Exchequer Philip Hammond unveils a mini-budget.



Key Developments:

  • Parliament votes on no-deal Brexit from 7 p.m. Amendments first
  • Pound rises as traders predict Parliament will vote against no-deal and for Article 50 extension

Conservatives Jostle Over Amendments (8:50 a.m.)

MPs are laying down amendments ahead of tonight’s vote, including one backed by Brexiteers including Steve Baker as well as more moderate Tories. It calls for the government to negotiate an extension of Britain’s EU membership until May 22, and then a standstill period until the end of 2021 to negotiate a free-trade deal -- in exchange for payments to the EU budget.



“We think this is a way through,” Baker said on BBC Radio 4. “We are in the business of finding a way to unite all wings of the party and the DUP.”



The problem is that the EU has repeatedly said a transition or standstill period is not on offer without a full withdrawal agreement. That means, according to Conservative MP Nick Boles, that many Tories won’t back it.



“It’s basically a no-deal exit,” he told the same program. “It’s important to stick to things that can be delivered, that are on offer, and not to try to come up with new schemes -- however attractive sounding -- that simply won’t fly.”

Earlier:

U.K. Weighs No-Deal Brexit Vote as May Is Thrown Into Crisis
Brexit Bulletin: Yet More Turmoil
U.K. Business Cries ‘Enough’ as Yet Another Brexit Deal Fails
U.K. Won’t Apply Tariffs on Most Goods in a No-Deal Brexit