U.K. Parliament Moves Closer to Stopping a No-Deal Brexit

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The U.K. Parliament is edging closer to a plan to delay Brexit in order to stop the country dropping out of the European Union with no deal.

The main opposition Labour Party is now increasingly likely to support a move to extend the March 29 exit day deadline, if Prime Minister Theresa May fails to negotiate a divorce agreement, said John McDonnell, the party’s chief finance spokesman.

McDonnell described the proposal as a “sensible” way to avoid an economically disastrous no-deal Brexit.

If Labour does support the proposal -- put forward by lawmakers including Yvette Cooper, a former minister -- it is far more likely to win enough backing to be passed. That would force May’s hand and ensure she cannot take Britain out of the EU without a deal in nine weeks’ time.

Source: Bloomberg

Daniel PerkinsComment