Britain's May will seek further assurances from European Union on Brexit backstop

Brexit deal in turmoil as May postpones Parliament vote

Brexit deal in turmoil as May postpones Parliament vote

May held talks this weekend with leaders including EU President Donald Tusk and German Chancellor Angela Merkel. "This judgment exposes as false the idea that the only choice is between a bad deal negotiated by the United Kingdom government or the disaster of no deal".

"In our - admittedly low confidence - base case, stress in financial markets and pressure from businesses should lead to a last-minute approval of the deal in parliament", said Silvia Dall'Angelo, senior economist at Hermes Investment Management.

Tusk said Brexit would be discussed at a European Council meeting on Thursday.

Sterling fell more than 1.5 per cent against the dollar as May confirmed the vote in Parliament on her Brexit deal will be delayed, without giving a new date.

"The deal is the deal", Irish Foreign Minister Simon Coveney said Monday.

May has countered that it is the best deal available, and a no-deal Brexit would be a far worse proposition for the economy and ordinary Britons.

Around 100 members of her coalition are opposing her Brexit deal: Labor, Liberal Democrats, Scottish National Party and Northern Ireland's Democratic Nationalist Party. "That means this deal is dead and her premiership is very, very near its end".

Brexit is now not officially on the agenda of the summit on Thursday and Friday, but that's likely to change after May made a statement to Parliament on Monday to call off the vote on her deal.

British Prime Minister Theresa May copes with the stress of the Brexit negotiations by eating peanut butter straight out of the jar, according to reports.

DUP leader Arlene Foster said she had told the prime minister in a phone call that the "backstop must go". Need a better deal. Bercow added, however, that the latter option would be politically toxic for the government if it denied MPs a say on such a critical moment in the Brexit process.

May urged to resign during stormy Commons Brexit showdown
Furthermore, the Democratic Unionist Party, May's coalition partners in government, said they would vote the agreement down. Shouts of "resign" were heard from the Labour benches as Theresa May concluded her statement .

"As a result, if we went ahead tomorrow it would be rejected by a significant margin".

The Court of Justice said in an emergency judgment that London could revoke its Article 50 formal divorce notice with no penalty.

A costly British exit without a negotiated accord looks increasingly likely, French European Affairs Minister Nathalie Loiseau said following May's decision.

May's office publicly insisted the vote was going ahead as recently as 11:20am on Monday in London but the prospect of an overwhelming revolt from members of parliament forced the premier to think again.

May's efforts to convince the EU to make concessions - possibly over the role of the British parliament in approving any move into the "backstop" arrangement - face huge difficulties because European leaders insist they will not budge.

"People in Scotland overwhelmingly voted to remain in the European Union", he said.

The backstop requires Britain to abide by some European Union rules indefinitely - potentially long after it quits the bloc and gives up its say in setting them - unless some future mechanism can be found to ensure a friction-free land border.

"This is ultimately a process towards softer Brexit so the pound is reacting more to the uncertainty because, from my point of view, this is mostly a positive development", he said. In the June 23, 2016 referendum, 17.4 million voters, or 52 percent, backed Brexit while 16.1 million, or 48 percent, backed staying.

May has been battling on Brexit ever since - first to strike a divorce deal with the bloc, then to sell it to skeptical British lawmakers before the United Kingdom leaves the bloc on March 29.

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