LONDON, March 14- (NNN-AGENCIES) — Members of the UK Parliament on Wednesday voted against Britain leaving the European Union without a Withdrawal Agreement.<\/p>\n\n\n\n
Lawmakers voted by 312 to 308 in British Prime Minister Theresa May said there was a “clear majority” against a no-deal Brexit but the “legal default” was that the UK would leave without a deal on March 29 if no deal is reached.<\/p>\n\n\n\n On Thursday, the MPs will get to vote on whether to delay Brexit. That vote will take place on Thursday, and if it is passed – and the EU agrees to it – the UK will not leave the EU as planned on 29 March<\/p>\n\n\n\n While the approved motion has no legal force and ultimately may not prevent a no-deal exit after a possible delay, it carries considerable political force.<\/p>\n\n\n\n After two-and-a-half years of negotiations and two failed attempts to pass a Brexit deal proposed by May, the vote against a no-deal exit still leaves undecided how, when and on what terms Britain will leave the club it joined in 1973.<\/p>\n\n\n\n After lawmakers crushed her deal for a second time on Tuesday, May said it was still the best option for leaving in an orderly fashion.Advertisement<\/p>\n\n\n\n Ahead of Wednesday’s vote, the pound headed for its biggest daily rise in 2019 as investors bet on a vote against a no-deal Brexit. It rose again on the result of the vote.<\/p>\n\n\n\n As the United Kingdom’s three-year Brexit crisis spins towards its finale, diplomats and investors see four main options: a delay, May’s deal passing at the last minute, an accidental no-deal exit or another referendum.D<\/strong><\/p>\n\n\n\n If Britain does seek a delay, it will require the agreement of all the bloc’s other 27 members.<\/p>\n\n\n\n The EU would prefer only a short extension, with the deadline of EU-wide parliamentary elections due May 24 to 26, although it is unclear that this would be long enough to solve the impasse in London.<\/p>\n\n\n\n EU Brexit negotiator Michel Barnier said the bloc would need to know why Britain wanted to extend talks and that it was up to London to find a way out of the deadlock. The EU said there could be no more negotiations on the divorce terms.<\/p>\n\n\n\n As Brexit uncertainty spills into financial markets across the world, investment banks such as Goldman Sachs and JPMorgan are offering different probabilities on the outcomes.<\/p>\n\n\n\n “We continue to see a 55 per cent chance that a close variant of the prime minister\u2019s Brexit deal is eventually ratified, after a three-month extension of Article 50,” Goldman said. It gave a reversal of Brexit a 35 per cent probability and a no-deal Brexit 10 per cent.<\/p>\n\n\n\n Britons voted by 52 to 48 per cent in 2016 to leave the bloc, a decision that has split the main political parties and exposed deep rifts in British society.<\/p>\n\n\n\n May’s deal covers such things as citizens’ rights, the status of the Irish border and Britain’s divorce bill from the EU. <\/p>\n\n\n\n It takes Britain out of the EU single market and customs union, common fisheries and farm policies and the jurisdiction of the European Court of Justice. It also offers a status-quo transition period in which to negotiate trade arrangements.<\/p>\n\n\n\n Under a no-deal exit, there would be no transition period to soften the disruption to trade and regulations. Britain would quit the EU’s 500 million-strong single market and customs union and fall back on World Trade Organisation rules, which could mean tariffs on many imports and exports. <\/p>\n\n\n\n
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