Brexit backstop legal risk unchanged, says UK AG

May secures new assurrances from EU

After a late-night huddle in Strasbourg, both the British Prime Minister and the President of EU Commission claimed to have achieved a breakthrough in Brexit talks by adding two supporting documents to the withdrawal agreement. The first attempt resulted in the worst government defeat in modern British history, and there are just 17 days left before the scheduled Brexit date.

Britons voted by 52-48 per cent in 2016 to leave the European Union but the decision has not only divided the main parties but also exposed deep rifts in British society, bringing concerns about immigration and globalisation to the fore.

At its heart lies three new documents meant to provide additional legal guarantees that the United Kingdom can't be trapped indefinitely inside the backstop arrangement.

The UK parliament has again rejected Prime Minister Theresa May's Brexit deal after she secured legally binding assurances from Brussels on the controversial Irish "backstop" - but the changes weren't enough to placate lawmakers. The opposition Labour Party has said it would support a second referendum if other options were exhausted. The main party rivaling May's has now set its sights on a fresh referendum. So, in short, the deal will probably be rejected on Tuesday-though never say never, particularly due to the complexity of the alternatives.

But the great majority of lawmakers, including most Conservative members of Parliament, will vote against a no-deal Brexit because they believe it would be economically damaging and disruptive. They would then ask the government to support that amendment in return for them voting for May's deal.

Some hardcore Brexiteers might be comfortable with this scenario, but they are very much in the minority, so don't expect Wednesday's motion to pass either.

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May is hopeful that she can push her deal through in the parliament.

It had been as high as $1.3290 earlier in the session on hopes British Prime Minister May would eventually secure a deal before Brexit in less than three weeks. The problem here is that, in a couple months' time, a new European Parliament is being elected.

PM Theresa May returning to Downing Street after making a statement on Brexit at the European Parliament in Strasbourg. The U.K. would enter a transition period that would last through the end of 2020. If the extension is rejected, then Britain is back to leaving the European Union without a deal on 29 March. But what would be the point?

"It complicates the issue, it leaves us with the possibility still of a no-deal Brexit, and uncertainty over politics more generally".

Labour Party leader Jeremy Corbyn urged MPs to vote against the deal when it returns to the Commons, saying May had "recklessly run down the clock" on negotiations. "It's time that we have a general election and the people can choose who their government should be".

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