January 16, 2019 at 08:28AM
British lawmakers defeated Prime Minister Theresa May’s Brexit divorce deal by a crushing margin on Tuesday, triggering political chaos that could lead to a disorderly exit from the EU or even to a reversal of the 2016 decision to leave.
After parliament voted 432-202 against her deal, the worst defeat in modern British history, opposition Labour Party leader Jeremy Corbyn promptly called a vote of no confidence in May’s government, to be held at 1900 GMT on Wednesday.
With the clock ticking down to March 29, the date set in law for Brexit, the United Kingdom is now ensnared in the deepest political crisis in half a century as it grapples with how, or even whether, to exit the European project that it joined in 1973.
More than 100 of May’s own Conservative lawmakers – both Brexit backers and supporters of EU membership – joined forces to vote down the deal. In doing so, they smashed the previous record defeat for a government, a 166-vote margin, set in 1924.
The humiliating loss, the first British parliamentary defeat of a treaty since 1864, appeared to catastrophically undermine May’s two-year strategy of forging an amicable divorce with close ties to the EU after the March 29 exit.
With May vowing to stand by her deal and Labour trying to trigger a national election, parliament is still effectively deadlocked, with no alternative proposal.
From: FinPress Review https://fxpro.news/daily-forex-outlook/deafening-defeat-theresa-may-230-votes-against-20190116/
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