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Brexit update: 14th March 2019

14 Mar 2019

 
With two Brexit votes in one week, it seems that we may not have as many answers about the next steps of Brexit from the Government and House of Commons than we had hoped.

The first vote on Tuesday was the second Meaningful Vote, which determined whether or not MPs across the house accepted Theresa May’s Deal, despite her losing last time. The Deal was once again rejected, probably largely because Attorney General Geoffrey Cox stated that the changes made to the backstop still left the UK at risk.

 

The second vote yesterday focussed more on No Deal Brexit, and whether MPs wanted to leave the EU without a deal - again this was rejected by a majority. The issue is, the UK will automatically crash out of the EU without a deal, either if one is rejected or if Article 50 is not extended by 29th March 2019.

 

The big question on everyone’s lips is what Theresa May and the Government’s next steps will be. The Prime Minister has decided to give MPs one last chance to accept her Brexit deal on 20th March, which will have no amends made to it in the next week as the EU have already said the deal is now non-negotiable.

 

If the PMs deal is rejected again on 20th March, what will happen?

 

There are a few options… Article 50 would have to be extended until at least May, but probably longer as Parliament will need to debate and vote on what they think should be the best move.

 

  1. Theresa May’s Deal somehow passing through Parliament
  2. No Deal Brexit
  3. A People’s Vote
  4. The UK could unilaterally revoke Article 50, therefore stopping Brexit

 

Theresa May’s Deal somehow passing through Parliament

 

The only way this could happen is if MPs are pressured into accepting a deal to avoid crashing out of the EU with no deal. They’ve rejected the deal twice, with amends made to make it more appealing, so we’re not sure this will work.

 

No Deal Brexit

 

Although MPs have voted to avoid No Deal, if a deal is not accepted or Article 50 is not extended or revoked by the 29th March, the UK will automatically crash out of the EU with no deal.

 

A People’s Vote

 

Giving the decision back to the people is another option. A second referendum could anger a lot of people, especially those who voted to leave in the first place, as it has been described as going against democracy; however a lot has changed since the original referendum in June 2016.

 

The UK could unilaterally revoke Article 50, therefore stopping Brexit

 

If they wanted to, the Government could unilaterally revoke Article 50 and stop the Brexit process, meaning the UK would remain in the EU and no further actions on Brexit would be taken. The EU stated months ago that this was possible should the UK wish to remain and stop the too-ing and fro-ing. The EU would not need to approve the revoking of Article 50.

 

How could this affect your travel money?

 

The euro rate has risen steadily since the votes, reaching a 21 month high last week and hitting a huge 1.15 euros to the pound on 14th March 2019. We always tell our customers to buy travel money when they need it instead of panic buying and stockpiling for your next holiday, but if you are worrying about rates dropping suddenly, why not buy some now and some nearer the time when you’re due to travel.

 

Buy your travel money

 

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