Brexit Deal Rejected by UK Parliament

Today, the UK Parliament voted by a margin of 432-202 to reject Prime Minister Theresa May’s Brexit deal with the EU. The result of the vote throws the entire future of Brexit back into uncertainty, with the future of the state of relations between the UK and the EU remaining unknown. The scenarios that may arise moving ahead include:

  • the UK leaving without a deal,
  • renegotiations of the Brexit deal by Theresa May,
  • a change of the UK head of government, and
  • a new UK wide Brexit referendum.

While this is being decided, it is possible that the date of Brexit, currently scheduled for March 29th, could be pushed back by several months to allow more time for debate and decisions. An extension of the Brexit date would require unanimous consent from the EU countries.

Companies should prepare for Brexit to occur on March 29th as scheduled, with the UK’s settlement scheme to take effect on March 30th as planned.

The next major event expected is a no-confidence vote currently planned for January 16th, which could result in the removal of Theresa May as Prime Minister.

Source: BBC News,