Here's a breakdown on what has happened and what could happen with Britain's separation from the EU. That is the worst case scenario for the economy because no one will know how to operate in the vacuum of no distinct rules and regulations surrounding trade or immigration. More on that shortly.
But the margin of Tuesday's defeat was 149 votes, not significantly smaller than the historic 230-vote thumping the plan first suffered on January 15.
British media have reported that May could make a desperate attempt at a third vote on her deal, hoping that Brexit hardliners will fall in line. These arrangements can only be temporary and short-term.
Supporters say it allows Britain to control immigration and take advantage of global opportunities, striking new trade deals with the United States and others while still keeping close links to the European Union, which, even without Britain, would be a single market of 440 million people.
But May's spokesman said there was no chance of that, amid fears that her Conservative party would be crucified by voters due to the chaos it had caused.
"If we've got to fight more European elections, I will fight them", he said.
Brexit-supporting lawmakers expressed suspicion at the haste of May's last-minute assurances and suggested a delay to allow sufficient analysis of them and Cox's advice. The two-page opinion said the United Kingdom could still not extract itself from the terms of the divorce deal unilaterally, a key demand of pro-Brexit British politicians.
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And it has to be a unanimous agreement by all 27 member states. The EU Commission said it would "expect a credible justification" for the postponement. "That could mean moving to a Brexit that does not meet the expectations of those who voted to leave or even moving to a second referendum".
And that lack of unity is reflected across the parliament. The opposition Labour Party has said it would support a second referendum if other options were exhausted.
However, many pro-Brexit Tories and the Irish DUP - which props up the coalition government - said the changes did not go far enough and that they would vote against the deal. Brussels has proven to be unyielding in its negotiations of the terms of the divorce.
The UK Government would only apply a small number of measures strictly necessary to comply with worldwide legal obligations, protect the biosecurity of the island of Ireland, or to avoid the highest risks to Northern Ireland businesses - but these measures will not require checks at the land border.
The tariffs, meant to be temporary, wouldn't apply to goods crossing from Ireland to Northern Ireland, raising fears the plan would fuel smuggling across the border.
"Given the additional assurances provided by the European Union in December, January and yesterday, there is no more we can do".
The European Parliament was poised to approve measures later Wednesday to deal the best it could with the immediate hardship of a cliff-edge departure at the end of the month.
The announcement by the Democratic Unionist Party and a group of Ms.
The government had been expected to offer parliament the chance to press for a short extension, but announced on Tuesday night that it would be for parliament to decide on the length of the delay that the government would request.
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