Britain’s parliament will vote tonight on whether to leave the European Union in 16 days without an agreement as the government said it would eliminate import tariffs on a wide range of goods in a no-deal Brexit scenario.
British lawmakers handed Prime Minister Theresa May a second humiliating defeat for her Brexit plan last night, plunging the country deeper into political crisis with almost no clues as to how it will emerge from the chaos.
It means the world’s fifth largest economy could leave the EU without a deal; there could be an extension to the March 29 divorce date; May could hold a snap election or try a third time to get her deal passed; or another referendum on the issue is also possible.
The default position if nothing else is agreed remains that Britain will exit with no deal, a scenario that business leaders warn would bring chaos to markets and supply chains, and other critics say could cause shortages of food and medicines.
Any option expect a No Deal Brexit would be positive for the pound in the short term.