On Thursday 14th March, the British Parliament once again voted on the future of Brexit, this time heavily in favour of delaying the Brexit deadline. Under Article 50, an agreement on how Britain should leave the EU has to be reached by 29th March, however this doesn't seem possible anymore. These past two months, the British Parliament has rejected 2 of Theresa May's Brexit deals, despite several efforts to address controversial issues in the original deal. During Thursday's vote, MPs also voted against holding a second referendum.
What Happens Now?
With overwhelming votes in favour of a Brexit delay, Theresa May will now need to seek the approval of the leaders of the 27 EU Member States on the extension of Article 50. Although infuriated at the circumstances, May has offered to delay Brexit if she acquires the necessary support from Parliament on another Brexit plan which will be presented soon.
Many have upheld, however, that the main obstacle she is facing at the moment is how she can change the overwhelming opposition she has received against her previous plans, particularly from within the Conservative party itself.
What the EU has to say
Following a week full of important votes on Britain's future, the EU has released a response, stressing that the extension of Article 50 is not automatic following the British Parliament's vote. On the other hand, the EU will need to consider its own interests in order to ensure that its own Institutions will nonetheless function properly despite a delay.
Reports have shown that the EU is ready to tell the British Prime Minister that an extension will be granted, on condition that a second referendum is held, or Brexit is softened.
Businesses in the Dark
Many businesses are worried on the effects these delays will have on the future of their companies, particularly those based in the UK. With all this uncertainty, many have set up hubs outside of the UK to protect their businesses and avoid the financial struggles that will hit Britain once Brexit is in full force.
Acknowledging this, Chetcuti Cauchi, a Malta-based International Firm, has set up various webinar recordings for businesses in order to determine how they should prepare for new rules and policies in part of a post-Brexit world. Click here to register to find out how Malta can be a post-Brexit solution.
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