Business A.M
No Result
View All Result
Wednesday, February 18, 2026
  • Login
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
Subscribe
Business A.M
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
No Result
View All Result
Business A.M
No Result
View All Result
Home Europe

UK parliament rejects Brexit deal in historic vote

by Admin
January 16, 2019
in Europe, WORLD BUSINESS & ECONOMY

Britain’s parliament on Tuesday resoundingly rejected Prime Minister Theresa May’s Brexit deal, triggering a no-confidence vote in her government and plunging its plans to leave the EU into further chaos.

MPs voted 432 to 202 against May’s plan for taking Britain out of the European Union, the biggest parliamentary defeat for a government in modern British political history.

With a deal that took nearly two years to craft in tatters and her government’s future hanging in the balance, EU leaders sounded a note of exasperation, urging Britain to come out and say what it actually wants.

Anti-Brexit activists demonstrate outside parliament

Anti-Brexit activists demonstrate outside parliament© AFP Ben STANSALL

“If a deal is impossible, and no one wants no deal, then who will finally have the courage to say what the only positive solution is?” EU president Donald Tusk tweeted.

Jean-Claude Juncker, the European Commission president, warned of a heightened risk of a “no deal” Brexit — an outcome that could disrupt trade, slow down the UK economy, and wreak havoc on the financial markets.

The government of Ireland — the only EU member state with a land border with Britain — said it would now intensify preparations to cope with a “disorderly Brexit”.

And German Finance Minister Olaf Scholz, representing the EU’s most dominant economy and leading political voice, called the vote “a bitter day for Europe”.

‘Catastrophic’ defeat

Most lawmakers have always opposed Brexit, as have some leading members of the government, creating a contradiction that has been tearing apart Britain ever since a June 2016 referendum began its divorce from the other 27 EU states.

The vote was met with huge cheers by hundreds of anti-Brexit campaigners

The vote was met with huge cheers by hundreds of anti-Brexit campaigners© AFP Ben STANSALL

Moments after Tuesday’s outcome, which was met with huge cheers by hundreds of anti-Brexit campaigners who watched the vote on big screens, opposition Labour leader Jeremy Corbyn submitted a motion of no-confidence in May’s government, calling her defeat “catastrophic”.

The vote is expected on Wednesday at 1900 GMT.

May sought to strike a conciliatory tone, telling MPs they had the right to challenge her leadership and promising to hold more talks to salvage a workable solution by the rapidly approaching March 29 Brexit deadline.

She promised to hold discussions with MPs from across parliament to identify ideas “that are genuinely negotiable and have sufficient support in this House”.

“If these meetings yield such ideas, the government will then explore them with the European Union.”

Downing Street said May will then return to parliament with a new Brexit proposal on Monday.

‘Political poker’

With their nation again in turmoil, noisy supporters and opponents of Brexit, rallied outside the ancient parliament building in London.

“It could end up being the day that will lead to us leaving with no deal!” said 25-year-old Simon Fisher, who backs a swift and sharp break with the EU.

Debates about Britain’s place in the world have raged since a 2016 referendum pushed the UK away from its closest trading partner

Debates about Britain’s place in the world have raged since a 2016 referendum pushed the UK away from its closest trading partner© AFP Daniel LEAL-OLIVAS

A much larger rally nearby in support of a second referendum turned Parliament Square, dotted with statues of past UK leaders, into a sea of EU flags.

Economists said the scale of May’s defeat — on the upper end of most predictions — now also put pressure on Brussels to make more meaningful compromises.

The pound surged higher against the dollar and euro after the vote, seemingly buoyed by May’s promise to seek a compromise with her opponents.

“Markets project beliefs and the underlying belief is that nobody’s going to be committing economic suicide,” BK Asset Management’s Boris Schlossberg said.

But businesses voiced alarm about the outcome, which does nothing to resolve uncertainty that has been dampening the UK investment climate for months.

“Financial stability must not be jeopardised in a game of high-stakes political poker,” warned Catherine McGuinness, policy chair at the City of London Corporation, the body governing the British capital’s massive financial district.

‘Warm words not enough’

May made it her mission to carry out the wishes of voters after she became prime minister a month after the referendum, putting aside her own initial misgivings and stating repeatedly that “Brexit means Brexit”.

But her deal raised concern that Britain could end up locked in an unfavourable trading relationship with the EU.

Despite the Leave campaign winning the EU referendum in 2016, Remainers believe Britain is better off in the bloc

Despite the Leave campaign winning the EU referendum in 2016, Remainers believe Britain is better off in the bloc© AFP Oli SCARFF

Criticism of the deal was focused on an arrangement to keep open the border with Ireland by aligning Britain with some EU trade rules, if and until London and Brussels sign a new economic partnership — a tortuous process that could take several years.

Arlene Foster, head of Northern Ireland’s Democratic Unionist Party upon which May relies for her parliamentary majority, said May needed to win binding concessions from Brussels to secure her vote.

“Reassurances whether in the form of letters or warm words, will not be enough,” said Foster.

“The prime minister must now go back to the European Union and seek fundamental change to the Withdrawal Agreement.”

Speculation is growing on both sides of the Channel that May could ask to delay Britain’s divorce from the EU after almost half a century of membership.

Admin
Admin
Previous Post

Anger, despair in Zimbabwe as receding economy shatters Zimbabwe’s post-Mugabe prosperity hopes

Next Post

Nigeria’s Inflation rate increases in Dec 2018 —NBS

Next Post

Nigeria’s Inflation rate increases in Dec 2018 —NBS

  • Trending
  • Comments
  • Latest
Igbobi alumni raise over N1bn in one week as private capital fills education gap

Igbobi alumni raise over N1bn in one week as private capital fills education gap

February 11, 2026
NGX taps tech advancements to drive N4.63tr capital growth in H1

Insurance-fuelled rally pushes NGX to record high

August 8, 2025

Reps summon Ameachi, others over railway contracts, $500m China loan

July 29, 2025

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

Unilever, Google Cloud partnership raises stakes in consumer goods digital transformation race

Unilever, Google Cloud partnership raises stakes in consumer goods digital transformation race

February 18, 2026
BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

February 18, 2026
FairMoney expands SME credit access to boost financial capacity

FairMoney expands SME credit access to boost financial capacity

February 18, 2026
Logistics coordination is a structural efficiency reform, not luxury —Scott Dubin, Logistics Marketplace

Logistics coordination is a structural efficiency reform, not luxury —Scott Dubin, Logistics Marketplace

February 18, 2026

Popular News

  • Igbobi alumni raise over N1bn in one week as private capital fills education gap

    Igbobi alumni raise over N1bn in one week as private capital fills education gap

    0 shares
    Share 0 Tweet 0
  • Insurance-fuelled rally pushes NGX to record high

    0 shares
    Share 0 Tweet 0
  • Reps summon Ameachi, others over railway contracts, $500m China loan

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • How UNESCO got it wrong in Africa

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

Unilever, Google Cloud partnership raises stakes in consumer goods digital transformation race

Unilever, Google Cloud partnership raises stakes in consumer goods digital transformation race

February 18, 2026
BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

BUA Group leads Gulf–West Africa drive for integrated food and logistics corridor

February 18, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us

© 2026 Business A.M