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May urged by MPs to prevent a no-deal Brexit from happening

209 MPs have signed a joint letter asking Theresa May to do everything in her power to avert a no-deal scenario, as the UK prime minister unable to find support for her withdrawal agreement ahead of a parliamentary vote next week.

British MPs are urging Theresa May to do everything in her power to rule out a no-deal Brexit in a joint letter signed by members of her own Conservative party and oppositions parties too.

The campaign is calling on May to avert a no-deal Brexit as MPs grow increasingly concerned that such a scenario ‘would cause unnecessary economic damage’ to both the UK economy and the lives of British citizens.

‘Manufacturing plants employ thousands of our constituents and their jobs will be put at immediate risk if the United Kingdom leaves the European Union with no deal,’ the letter said.

Brexit deadline looms

With the Brexit deadline of March 29 coming up fast there is still little clarity on how Britain will actually leave the EU.

The deal that May secured with Brussels and returned to Westminster with has struggled to garner significant support from MPs and looks likely to fail when it is voted on next week in parliament.

If the deal is shot down by MPs in parliament it leaves the country in a precarious position that threatens Britain bailing out of the bloc without a deal, which will leave the UK without a formal framework in place for trading with EU member states.

Without a formal framwork new tariffs and bureacratic barriers will hinder trade with the EU and put the UK economy under increased pressure.

On Sunday, May warned MPs that if they do not back her Brexit deal it will leave country in ‘unchartered territory’, with the prime minister proposing that parliament have greater say over future trade terms with the EU in a bid to garner more support for her deal.

‘If the deal is not voted on at this vote that’s coming up, then actually we’re going to be in uncharted territory,’ May said on the BBC’s Andrew Marr Show. ‘I don’t think anybody can say exactly what will happen in terms of the reaction that we’ll see in Parliament.’

Second referendum could avert a no-deal Brexit

If May is unable to get her deal passed parliament, which will likely be the case, one controversial option available to the prime minister to avert a no-deal Brexit from occurring is a second referendum.

May has threatened that a no-deal Brexit will happen if MPs do not support her withdrawal agreement with the EU, which she and Brussels have both labelled the best and only deal on the table. However, the Treasury and the Bank of England have warned that a no-deal scenario would have devastating effects on the UK economy.

The prime minister has made it clear that in her view there should not be a second referendum, as it risks deeply dividing the country. But May has also conceded that the only two real alternatives to her withdrawal agreement are ‘no deal’ or ‘no Brexit’ – leaving MPs with a tough decision to make ahead of the parliamentary vote next week.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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