With the U.K. in limbo and Parliament deadlocked, MPs will vote today on whether to delay Brexit after they rejected a no-deal split from the EU (in a non-binding vote that does not legally remove it from the table).

Prime Minister Theresa May has called a meeting of her political Cabinet at 1:30 p.m. ahead of tonight’s vote (expected after 12ET beginning with amendments), two people familiar with the matter said.

Key Developments:

  • Theresa May says if deal approved by March 20, she’ll ask for short delay; if deal isn’t approved, it will have to be a longer one

  • European Council President Donald Tusk said he will push for a long extension.

  • Cabinet Minister Andrea Leadsom to announce next week’s parliamentary business; another vote on Brexit deal expected

  • Chancellor Hammond repeats call for MPs to choose way forward

But most notably, Bloomberg reports that Theresa May would put her Brexit deal back to Parliament for a third vote if she thought it would win support, her spokesman told reporters.

“If it were felt it would be worthwhile to bring the deal back for a new vote then that is something we would do,” James Slack, her spokesman said.

Cable has erased much of the rally from the non-binding no-no-deal brexit vote…

If you’re confused at the non-binding nature of the vote against a no-deal Brexit; the DUP and GRE; the EU’s attitude; May’s indignance; and broad-based project fear from the establishment; here is MEP Daniel Hannan to explain, “now what”, in under four minutes,,,

We goive the last word to Naked Capitalism’s Yves Smith:

It isn’t clear that the EU will agree to an extension regardless. We pointed out that a natural ally of the UK, the Netherlands, was tasked to and accepted delivering a tough message on an extension. Readers reported that another UK ally, Denmark, has given up on the UK. May trying to get yet another vote on her Withdrawal Agreement next week means the odds are high that the Government will deliver its extension request right before the EU summit, which is yet another display of UK disregard for protocol and competent decision-making. If you want to let pique play a role, this is just the way do it, and too many EU leaders have been having to work too hard to maintain a veneer of politeness as it is.

More generally, too many people are not thinking straight, particularly those who believe the no deal bomb has been disarmed. And I would not trust the self-appointed sappers in Parliament.

Read more here…

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