Britain eyes Brexit ‘no-deal’ trade shift to China from the European Union

U.K. Parliament votes against no-deal Brexit, paving way for delay
British Chancellor of the Exchequer Philip Hammond delivers his Spring budget statement in the House of Commons in London Wednesday. | AFP-JIJI
British Chancellor of the Exchequer Philip Hammond delivers his Spring budget statement in the House of Commons in London Wednesday. | AFP-JIJI

U.K. Parliament votes against no-deal Brexit, paving way for delay

BLOOMBERG, AIWA! NO!

LONDON – Britain’s Parliament voted to avoid an economically disastrous no-deal split from the European Union, opening the door to delaying Brexit and radically re-writing the terms of the divorce.

The House of Commons voted 321 to 278 to reject leaving the EU with no deal and is now expected to seek to delay Brexit in the hope of securing a better deal, which markets would welcome.

Britain on Wednesday unveiled a contingency trade policy that favors global giants such as China over EU countries in case of a messy divorce from the bloc.
London is bracing for the worst as it races toward the March 29 Brexit deadline without a plan for unwinding its 46-year involvement in the European project.
A sudden “no-deal” split would see an end to the current free trade arrangements between Britain and its EU partners overnight.

thejapantimes

Speaking in the Commons, Prime Minister Theresa May said Parliament must now face up to the consequences of its decisions. She announced that if a deal can be agreed to in the coming days, she would ask the EU for a short “technical” extension to the March 29 exit day deadline. If there’s no deal, the delay will be much longer, she said.

It is almost three years since Britain voted to cancel its 40-year membership of the EU and with just 16 days to go until exit day, Theresa May’s government has failed to get an agreement that can win the support of Parliament.

The prime minister’s preferred deal, which took two years to negotiate, was resoundingly rejected by the Commons for the second time in a vote on Tuesday night. Now, MPs have decided to avoid leaving the bloc without a deal.

The question is, what kind of deal will Parliament vote for, and how much longer do Britain’s politicians need to make up their minds?

On Wednesday, the EU’s chief Brexit negotiator, Michel Barnier, warned that postponing Brexit won’t be straightforward.

“It could be a tactical, a political prolongation,” Barnier told Euronews TV. “In that case, I know the answers and the reaction of the EU side, the EU leaders, the EU Parliament: ‘What for? Why do you need a prolongation? Is it for organizing a new referendum, new elections or not?”‘

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