The UK is officially in chaos. After the January rejection, the House of Commons rejected the deal again reached by Theresa May with the European Union, despite the changes introduced the previous night on the backstop giving hope that it could be the right time. Fatal were the words of the British Minister of Justice, Geoffrey Cox according to which the risk that the United Kingdom would in any case remain "indefinitely" linked to the EU due to the rules (or rather the lack of rules) on the border between Ireland and Northern Ireland had not been overcome by the agreement reached between 11 and 12 March 391 by the Premier Uk and by Jean Claude Juncker. The agreement was rejected with 242 votes against and XNUMX in favor, the fourth worst defeat in history of a Government proposal in Westminster.
The next day, surprisingly, the British Parliament approved (with a majority of just four votes: 312 to 308) an amendment that asks the government to exclude the "no deal" in all circumstances, i.e. the possibility of the United Kingdom leaving the European Union without a deal.
The signal is clear, but the amendment is not binding and May points out that the "no deal" will automatically take effect on March 29 if a new agreement is not found with Brussels or a postponement of the deadline approved by the EU.
The EU chief negotiator himself, Michel Barnier, he said in front of the European Parliament that "the moment is very serious, the risk of a 'no agreement' has never been so close, the risk of a disorderly exit of the United Kingdom should not be underestimated for the consequences it entails and we we are getting ready".
On Thursday, Parliament will decide whether or not to request the postponement of the March 29 deadline. Any request should then be examined and approved by the Member States of the European Union, who will express their views during the summit convened for 21 March. "The 27 members of the European Union expect to receive a credible justification for a possible extension, with an indication of the duration," said the spokesman for the president of the European Council, Donald Tusk. The United Kingdom will therefore not be able to limit itself to requesting an extension without justification, but will have to present a very precise proposal.
Meanwhile, London tries to prepare for the worst. The UK has announced the temporary cut (will last 12 months) in import tariffs on a wide range of products to guard against the possible passage of a Hard Brexit. In the event of a no-deal exit, no new border controls will be introduced between Ireland and Northern Ireland, while tariffs on cars, beef, lamb, pork, poultry and dairy products will remain in place.
Even the European Parliament has decided to be proactive, approving emergency measures in the event of a Hard Brexit. Four reports have been approved: the first provides for the ok to export certain EU products to the United Kingdom and Northern Ireland. The second ensures the continuation of the Erasmus+ programme, the third on certain aspects of aviation safety, the fourth with a derogation to continue the PEACE IV and UK-Ireland cooperation programs at the Northern Irish border.
Turning to the markets, the London Stock Exchange today travels just above parity, while the pound travel higher in anticipation of tonight's vote. The British currency gained 0,6% against the dollar and the euro, on hopes that British MPs reject the No deal and Brexit will be postponed.
