Continue the vote as planned would mean that what was agreed with the European Union “would be rejected,” said May
British Prime Minister Theresa May on Monday postponed the vote in Parliament on the Brexit to avoid a crushing defeat, and in an unforeseen speech before the legislature, said that the government was accelerating preparations for a Brexit without agreement.
The president said that, although her agreement with the EU was “the best agreement that could be negotiated,” the government must prepare for the possibility of an exit without an agreement.
For opposition leader Jeremy Corbyn, the decision to postpone the vote reveals that “the government has lost control of events and has fallen into total disorder”.
Labor MPs (corbyn party) chanted “Resign, resign!” at the end of May’s speech.
Conservative lawmaker Jacob Rees-Mogg rejected the agreement, which he described as “impossible to pass” and said it paved the way for a Labor government headed by Corbyn.
THESE ARE THE KEY POINTS TO UNDERSTAND THIS BREXIT DECISION
The “Brexit”, the exit of the United Kingdom from the European Union that was voted on in June 2016, will be made official on March 29, 2019. Time is a key factor in the decision-making, as almost 100 days an agreement that establishes the rules for an orderly exit has not been approved.
The British currency
May’s announcement, made in defiant tone, caused a further fall of the pound. The British currency, the main indicator of the confidence of international investors in the economy, fell 1.7% to 1.2515 dollars, its lowest level in 20 months. Further; the FTSE 100, the main index of the Stock Exchange, fell 0.5% on the day.
Investors fear that the political impasse over exit increases the likelihood of a Brexit without agreement . That would be the worst case, according to the Bank of England, since it would cause the worst recession in a century and a new fall of the currency.
What are the possible scenarios?
Since taking office in 2016, May has struggled with Brexit. First to reach an agreement with the European Union and then to convince skeptical British parliamentarians to approve it before the departure date, on March 29, 2019.
On the other hand, the highest court of the European Union ruled on Monday that Britain can change its mind about the Brexit, giving hope to those who want the country to remain in the block of which the process can be reversed.
Can Brexit be revoked?
In a new setback for May, the European Court of Justice said Monday that when an EU member state has notified its intentions to leave, ” that country is free to unilaterally revoke that notification . “
Great Britain voted in 2016 to leave the 28-nation bloc and invoked Article 50 of the Lisbon Treaty in March 2017, unleashing the exit process.
Article 50 has few details, partly because the idea of a country leaving the bloc was considered unlikely.
A group of Scottish lawmakers had asked the court to rule on whether the United Kingdom could retract the separation process on its own.
The court, based in Luxembourg, said that given the absence of a specific exit clause in Article 50, countries could change their minds in accordance with their own constitutional arrangements and that this “reflects a sovereign decision”.
The British government has the right to do so as long as an exit agreement has not entered into force, as is the case today.