March 12, 2019 / 8:33 PM / 3 months ago

Instant View - MPs crush May's Brexit deal

LONDON (Reuters) - British lawmakers crushed Prime Minister Theresa May’s deal to quit the European Union on Tuesday, thrusting Brexit into turmoil just 17 days before the planned departure date.

British MPs prepare to vote for the Brexit deal in Parliament in London, Britain, March 12, 2019, in this screen grab taken from video. Reuters TV via REUTERS

Below is reaction from the world of politics and business.

UK PRIME MINISTER THERESA MAY

“I profoundly regret the decision that this House has taken tonight.

“I continue to believe that by far the best outcome is that the UK leaves the EU in an orderly fashion with a deal, and that the deal we have negotiated is the best and indeed the only deal available.”

“These are unenviable choices, but thanks to the decision the House has made this evening they must now be faced.”

MICHEL BARNIER, CHIEF EU BREXIT NEGOTIATOR

“The EU has done everything it can to help get the Withdrawal Agreement over the line. The impasse can only be solved in the UK. Our ‘no-deal’ preparations are now more important than ever before.”

JEREMY CORBYN, LEADER OF UK OPPOSITION LABOUR PARTY

“The government has been defeated again by an enormous majority and it must accept its deal is clearly dead and does not have the support of this House.”

“The Prime Minister has run down the clock and the clock has been run out on her. It’s time that we have a general election and the people can choose who their government should be.”

MARK RUTTE, DUTCH PRIME MINISTER

“Should the UK hand in a reasoned request for an extension, I expect a credible and convincing justification. The EU27 will consider the request and decide by unanimity. The smooth functioning of the EU institutions needs to be ensured.”

CONFEDERATION OF BRITISH INDUSTRY

“Enough is enough. This must be the last day of failed politics. A new approach is needed by all parties. Jobs and livelihoods depend on it.”

ADS GROUP, AEROSPACE AND DEFENCE INDUSTRY ASSOCIATION

“The result of tonight’s vote is extremely disappointing. This deepening political crisis is causing real damage to UK industry, harming business investment and putting jobs at risk.

SMMT, UK AUTO INDUSTRY ASSOCIATION

“Today’s vote leaves us perilously close to the ‘cliff edge’. No-deal would be catastrophic for the automotive industry.”

GOLDMAN SACHS ASSET MANAGEMENT

“We expect the British pound – which has reversed last night’s strength over the course of the day – to weaken further amid prolonged uncertainty. That said, ruling out of a ‘no deal’ Brexit could provide some support for the currency.”

CITI

“Snap elections are in the ascendancy as a necessary (but not sufficient) condition to break the impasse.”

UBS WEALTH MANAGEMENT

“Until clarity emerges, we don’t advocate taking directional views on sterling and continue to hedge GDP downside risks.”

BOOKMAKER WILLIAM HILL

“The odds of Article 50 being extended and the odds of the UK leaving with no deal have both been cut. Who knows what will happen?”

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