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UK will likely have to delay Brexit if lawmakers reject May's deal - Hammond

Credit: Reuters Studio
Published on March 7, 2019 - Duration: 01:55s

UK will likely have to delay Brexit if lawmakers reject May's deal - Hammond

Britain's finance minister Philip Hammond said on Thursday that Brexit would likely be delayed if lawmakers reject May's proposed deal in a vote on March 12.

Pascale Davies reports.

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UK will likely have to delay Brexit if lawmakers reject May's deal - Hammond

The UK's departure from the EU could be put on ice, that's if lawmaker's vote down the government's Brexit deal next week- the Finance Minister warned.

(SOUNDBITE) (English) BRITISH FINANCE MINISTER, PHILIP HAMMOND, SAYING: "If we don't pass the meaningful vote on Tuesday we'll go into a parliamentary process that very likely will lead to an extension of time and an uncertain outcome." Hammond also warned eurosceptic colleagues that if they fail to back the government's deal they face the risk of a closer economic relationship with the EU.

If ministers do vote down the deal on Tuesday, Prime Minister Theresa May will ask parliament on Wednesday if it wants to leave the bloc with no deal.

And if that's rejected too, lawmakers will decide on Thursday if they want to try to delay Brexit.

A hard crash out of the EU, a worrisome prospect A Reuters poll forecast Sterling could drop to one dollar 20.

One economist said it could even fall to parity with the dollar.

The pound is currently at around one dollar 31.

And The Bank of England said Thursday it is more likely to cut intreats rates than raise them if no-deal is reached.

Recent talks between Brussels and London have made no headway over how to break the deadlock over the Irish backstop- according to diplomats on Tuesday.

Though the UK's chief lawyer adamant the Brexit text is being discussed with the EU.

( SOUNDBITE) (English) UK ATTORNEY GENERAL, GEOFFREY COX, SAYING: "I am surprised to hear the comments that have emerged over the last 48 hours that the proposals are not clear, they are as clear as day and we are continuing to discuss them." But a UK Government source later said there is nothing to suggest, for the moment, that anything will change in talks in the next 48 hours.

UK media reported that Britain has been urged to table fresh proposals to the deal by Friday and that EU officials would work over the weekend if "acceptable ideas" were received by then.

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