Eq: Dev ex-US


The Brexit situation seems to be getting worse and worse (or maybe better and better, depending on where you stand). In an embarrassing defeat, PM Theresa May just lost a Parliamentary vote regarding her Brexit deal which now gives Parliament the right to vote on any final deal. Parliament also ordered her government to release the legal advice they had received regarding the departure from the EU, an unorthodox move that shows a lack of faith in the PM.

FINSUM: What this means is that Parliament now essentially has the right to block Brexit, or call for a second referendum. Sterling plummeted on the news.


Pretty much since the day it happened, the prospect of a second Brexit referendum has loomed large. Now, almost 2.5 years since the initial vote, it is becoming closer to reality. PM May’s universally panned Brexit deal with the EU is adding weight to efforts to hold another vote. A conservative MP (same party as Theresa May) has proposed a new vote in May, saying it would only take 22 weeks to prepare. The vote would have three options—stay in the EU, accept the May plan, or leave without a deal.

FINSUM: Critics of a second referendum argue that it is undemocratic to not abide the first vote. However, the action of leaving the EU is unprecedented, and the deal that Britain could get from the EU was completely unknown, so in our view, holding second referendum to decide on the actual terms is actually the most democratic option.


Just a couple of days ago it seemed like the UK and EU were on the verge of coming to an agreement over Brexit. Now, just 48 hour later, a deal actually seems further away than it ever has. Reviewing UK headlines, the irony of PM May’s proposed deal is that it did what no one else has been able to—unite Britain. However, the unity is driven by shared hatred from all sides over what a terrible agreement the government has proposed. Numerous government ministers have resigned on the back of the proposal.

FINSUM: The pushback to this deal has been more than anyone would have anticipated. A no-deal Brexit looks increasingly likely.

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