In a parliamentary vote which was scheduled on March 30, the House of Commons again thrashed Prime Minister Theresa May’s Brexit agreement for the third consecutive time by 344 to 286. Theresa May defeated by a margin of 58, it indicates that Britain has missed a European Union cut-off date to defer Brexit to May 22 and leave with a formal deal.
Now, the Prime Minister has time until April 12, to find a longer extension of Article 50 to avoid a hard Brexit on that date. With a crystalline majority against a no-agreement divorce form EU bloc and member of the house conducting more votes on alternative Brexit deal on Monday.
Prime Minister Theresa May said that the outcome was a matter of earnest regret and added that I am afraid that we are reaching the threshold of this process in the Parliament.
A bunch of MPs wants Prime Minister to build a cross-party alliance around the soft divorce alternative of a customs union with the European Union.
Meanwhile, Brussels officials have expressed concerns that alternative divorce plans of British MPs are disconnected from reality and failed to recognise the fundamental choice between supporting Prime Minister May's exit treaty and remaining in the European Union for much longer.
By contrast, the European Union has continuously insisted that they are open to revising the political memorandum on the future UK- EU relations that form the other parts of Theresa May's Brexit agreement.
The members of the House of Commons are set to vote on alternative Brexit deal against Theresa May's agreement on Monday, including a soft form on divorce and a corroborative referendum. But there are increasing concerns that available options do not consider the UK's position less than two weeks before the scheduled departure of Britain from EU bloc on April 12, 2019.
One European official said, “we are ready to help Britain provided that it does not hamper the core functioning of the European Union.”
German Chancellor, Angela Markel also insisted that European bloc should make sure that every potential option has been used up before considering a no-agreement divorce with the UK.
Prime Minister May's Brexit deal since 2017 general election has been criticised mainly by her chief whip, who argue that she should have pitched a softer Brexit deal after she failed to secure support in the House of Commons.
As per some media report, there could be 28 members of the ruling government who could exercise their vote in favour of Britain to remain in the customs union with the European Union in the tonight’s vote.
Meanwhile, as per the latest estimates released by the Goldman Sachs on April 01, 2019, the UK economy has lost nearly 2.5% of the GDP on account of ongoing uncertainties around the Brexit deal.
Goldman Sachs revealed that Brexit cost stood at around £600 mn per week since the referendum took place in 2016. In a No-deal scenario, investment bank estimates that the UK could see a 15 per cent loss in the output. That could lead to a sharp plunge in Sterling against other major currencies.
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