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    Khusoko – East African Markets
    MARKETS

    Uncertainty as British MPs Reject Theresa May’s ‘no-deal’ Brexit Motion

    KhusokoBy Khusoko2019-03-14Updated:2020-04-04No Comments2 Mins Read
    Theresa May Will Step Down As UK Prime Minister in June
    UK Prime Minister Theresa May

    The British government suffered another significant defeat as MPs voted by 321 to 278 votes to reject a ‘no-deal’ Brexit’.

    The House of Commons has approved the amended #NoDealBrexit motion by 321 votes to 278 – a majority of 43. pic.twitter.com/vQQqPRH1bb

    — UK House of Commons (@HouseofCommons) March 13, 2019

    French President Emmanuel Macron who is in Nairobi, Kenya on a two days’ visit, said: “The withdrawal agreement is not negotiable.”

    If the British ask for a delay it could perhaps be a technical delay to allow more time to put their departure in place. But if an additional delay is requested, they need to explain why,” he added.

    “It cannot be to allow more negotiations over something we’ve already negotiated for many months and said cannot be further negotiated.”

    RELATED:

    • Africa risks losing access to $2bn UK market annually in case of no Brexit deal
    • UK Commits to Duty, Quota-Free Trade With Kenya Post-Brexit

    Kenya’s CBA Analysts, Faith Atiti and Stephanie Kimani in their Monthly Economic Report released in March said by all accounts, the UK may avoid crashing out of the UK without a deal. “Both the government and the opposition seem to agree on this! Even then, with the EU holding its hard-line position, prospects of renegotiating a better deal and specifically resolving the impasse on the Ireland backstop is slim. Accordingly, options for the UK may be limited to accepting the deal as is or delaying Brexit beyond March 30th with the hope that the government could renegotiate a better deal.”

    Brexit is the withdrawal of the United Kingdom from the European Union, which is scheduled to take place on 29 March 2019 at 11 pm UK time, when the period for negotiating a Withdrawal Agreement will end unless an extension is agreed.

    Brexit
    Khusoko
    Khusoko

    Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.

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