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Prime Minister May Strikes New Brexit Deal - But Will Parliament Approve?

14 March 2019

But the great majority of lawmakers, including most Conservative members of Parliament, will vote against a no-deal Brexit because they believe it would be economically damaging and disruptive.

United Kingdom prime minister Theresa May just sealed a "new" deal with the European Union over Britain exiting the remaining 27-nation bloc.

The cross crashed around 320-pips, eroding a major part of the previous session's goodish up-move and was further pressurized by a modest pull-back in equity markets, which provided a minor lift to the Japanese Yen's safe-haven status. Today we have secured legal changes. "Now is the time to come together, to back this improved Brexit deal, and to deliver on the instruction of the British people", she said.

Assuming Parliament rejects both May's deal and no-deal, the prime minister's Conservative government will most likely ask MPs on Thursday for the mandate to ask the EU-and here we mean the 27 other EU countries, not Juncker and the European Commission-for an extension of the Brexit date, in order to avoid no-deal-by-default. As said by Mrs May last week, rejecting her deal could lead anywhere - including not leaving the European Union at all.

Theresa May has secured "legally binding" changes to her Brexit deal - just hours before MPs will vote to approve the agreement in the Commons.

The back-stop measure is meant to reassure Britain it won't be trapped forever in a mechanism created to prevent a hard border between Ireland and Northern Ireland.

Oil up on reduced US output estimate, stalled Venezuelan exports
International Brent crude oil futures were at $66.93 a barrel at 0039 GMT, up 26 cents, or 0.4 percent, from their last close. The rise in oil prices this year has been tempered by concerns over oil consumption following the U.S.

She claims the changes now means the Irish backstop - the insurance policy created to avoid a hard border in Ireland - could not "become permanent". So, in short, the deal will probably be rejected on Tuesday-though never say never, particularly due to the complexity of the alternatives.

If MPs vote yes then Brexit is postponed.

"There should be no lingering doubts: this deal will leave us trapped and surrenders our sovereignty".

May returned with three new assurances on the backstop, which she hoped would convince the DUP and anti-Brexit MPs her own party to support her Brexit deal in Tuesday night's vote. Even with updated language on the Northern Ireland border, the vote could still fail, as most of the 585-page withdrawal agreement from January remains intact.

May's deal was defeated 391 to 242 on Tuesday evening and will be followed on Wednesday by a debate and vote in the House of Commons on the prospect of the United Kingdom leaving the European Union with "no deal" in place - which MPs are also expected to reject.

Prime Minister May Strikes New Brexit Deal - But Will Parliament Approve?