Brexit indicative voting will get underway soon - Watch Live
|- Brexit indicative voting gets underway - results expected within next couple of hours.
While an emergency EU summit is scheduled for next week where PM May could ask for a longer extension.
MPs are now voting on four Brexit alternatives as the latest series of indicative votes kick off in the Commons. These votes follow last week's process where MPs failed to reach a majority on eight different alternatives which has lead to the greater possibility of Britain falling out of the EU without a withdrawal by default on the 12th April.
Watch live:
Speaker John Bercow selected the following options (explanations courtesy of SKY News article) for tonight's votes which will be released in a couple of hours ( a customs union features in two of the options, calling for the softness of Brexits but forward by Conservatives Ken Clarke and Nick Boles GBP friendliest):
Motion C - Customs union
Tabled by Ken Clarke (Conservative) and Hilary Benn (Labour)
This motion would ensure that the withdrawal agreement has to include a permanent and comprehensive UK-wide customs union with the EU.
This would be considered as a "soft Brexit" and the prime minister has been warned against pursuing it.
However, it lost by the narrowest margin when it was voted on last week, with 264 MPs voting for and 272 voting against.
Motion D - Common Market 2.0
Tabled by Nick Boles (Conservative) and Lucy Powell (Labour)
This motion would lead the UK to re-joining the European Free Trade Association and European Economic Area and it would mean the UK would remain in the single market, allowing UK citizens to retain freedom of movement in the EU, and vice-versa.
This option was widely rejected on Wednesday, with 188 MPs voting for and 283 voting against.
Motion E - Confirmatory public vote
Tabled by Peter Kyle (Labour)
This motion would mean that any deal could not be ratified in parliament until the public had a chance to vote on it - commonly referred to as a people's vote.
Dozens of MPs have sponsored this motion, and it is growing in popularity in Westminster, particularly after the Labour leadership decided to back the idea.
A people's vote received 268 votes for, and 295 against at last Wednesday's vote.
Motion G - Parliamentary Supremacy
Tabled by Joanna Cherry (SNP)
This motion would mean the government would seek a further extension if deal is not agreed two days before leaving the EU.
(Note: If the EU does not accept an extension, MPs would be asked to vote between a no-deal Brexit or revocation of Article 50. If MPs chose to revoke Article 50, work would begin to work out what sort of relationship the UK should have the EU going forward).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.