Yesterday, British parliamentarians held a vote on a deal that Theresa May negotiated with the European Union. As expected, the members of parliament voted against the deal by a larger margin than had earlier been expected. More than 400 members rejected the deal. This decision presented the country with a major challenge, seven weeks before it is expected to leave the European Union completely. After the vote, May said that she will try to hammer a deal that is acceptable by the both sides. In his response, the opposition leader, Jeremy Corbyn said that he will table a motion of no confidence against the prime minister today. She is widely expected to survive the vote because both parties don’t want an election at this time.

The country now enters into uncharted territories as the March deadline nears. If the country exits the EU without a deal, the two sides will have to trade using the World Trade Organization (WTO) rules. There is also a possibility that the business enviro...

Tagged on: