Brexit Update - Friday, March 15, 2019
Based on the earlier Brexit developments this week, which included British lawmakers voting down Prime Minister Theresa May’s most recent negotiated Brexit deal and also voting against the prospect of leaving the European Union without a deal in place, the Parliament voted favorably on Thursday towards requesting an extension of Brexit. The UK’s departure from the EU is currently slated to occur March 29.
With the passage of an extension request, it is now expected that UK Parliament will once again vote on a new edition of a proposed negotiated withdrawal deal by or on March 20. If that deal is approved then the request for an extension will be to delay Brexit until June 30, 2019. If the deal is not approved then a further extension will be requested for the UK to reconsider its options and path forward.
Despite the UK voting in favor of extending Brexit, all 27 EU countries will need to also be in agreeance of such an extension. Each EU member nation will vote on this measure on March 21. It is unknown what will occur if the EU rejects the notion of an extension. This could ultimately lead to a no-deal Brexit once again being an option on March 29.
Aires will continue to monitor the developing Brexit news over the course of next week.
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