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Dow Jones down after second Brexit vote defeat

13 March 2019

"If the votes go this week in a way which means that the prime minister's policy as she has set out and stuck to rigidly over the course of the last two and a bit years is taken away, dismantled slowly by Parliament this week, I think it would be very hard for the prime minister to stay in office for very much longer", Morgan told the BBC. Before the vote, May said that the deal was pivotal to Great Britain's future.

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The Sun reports Mr May and her aides all looked pleased when they arrived in France and went into talks about how to get the Brexit deal through.

"Let us be crystal clear about the choice - it is this deal or Brexit might not happen at all".

Investors will have to wait until Tuesday to see whether the changes to the Brexit deal are enough to take Mrs May's agreement over the line in the House of Commons.

Britain's attorney general punctured Prime Minister Theresa May's hopes of winning backing for her Brexit deal Tuesday, saying last-minute changes secured from the European Union didn't give Britain the power to cut itself free of ties to the bloc.

It could also include an addition to the political declaration too - a statement on what a future relationship between the United Kingdom and the European Union would look like - which will promise to work together for a free trade deal. Meanwhile, a report by MPs from the influential public accounts committee on Tuesday said that the United Kingdom government's preparations for a no-deal Brexit have been "rushed", "risky", and "over-optimistic".

Other EU nations welcomed the overnight agreement, and urged British politicians to seize the chance to back the deal and ensure an orderly departure.

Brexit-supporting MPs reacted cautiously to news of the agreement, but said they wanted to examine the detail. The fall means the pound has given up all the gains in made after May claimed she had secured "legally binding" changes to the withdrawal agreement.

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The withdrawal agreement, materially identical to the document which lost a House of Commons vote by an historic majority of 230 in January, again failed to gain the approval of the British Parliament.

In a written legal opinion, Cox said that if U.K. -EU negotiations became stalled through "intractable differences", Britain would have "no internationally lawful means of exiting the Protocol's arrangements, save by agreement".

While an array of options - including a last-minute deal on the government's exit strategy, a delay in Brexit, an economically disastrous no-deal Brexit, a snap election or a second vote - are there, the ultimate outcome remains anybody's guess.

"Now is the time to come together to back this improved Brexit deal", May said at a joint press conference with Juncker.

The European Parliament's chief Brexit official has questioned whether a short extension of the March 29 Brexit deadline can be given if Britain doesn't emerge from its political chaos on the issue.

UK's chief legal advisor Attorney General Geoffrey Cox said the extra assurances won by May do "reduce the risk that the United Kingdom could be indefinitely and involuntarily detained" in the backstop if talks on the two sides' future relationship broke down due to "bad faith" by the EU.

If lawmakers vote down May's deal, she has promised a vote on Wednesday on whether to leave without a deal and, if they reject that, then a vote on whether to ask for a limited delay to Brexit.

'It is in this spirit that today the Prime Minister and I have agreed on a joint legally-binding instrument relating to the Withdrawal Agreement.

Dow Jones down after second Brexit vote defeat