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Theresa May faces confidence vote after defeat

Theresa May faces confidence vote after defeat

In addition, Northern Ireland's Democratic Unionist Party-whose 10 MPs prop up her minority government on budget and confidence motions but are not bound by a policy platform-have pledged to support her.

However, McKinnell said an increase in interest rates would likely harm the economy more than it would help the banks, hurting consumer confidence and fuelling rises in unemployment and home repossessions.

The Commons defeat - the largest in history, by 432 votes to 202 - came as a huge blow for Mrs May.

Downing Street said May will come back to parliament with a new Brexit proposal on Monday.

Labour's finance spokesman, John McDonnell, said May could eventually get a deal through parliament if she negotiated a compromise with the opposition party, which wants a permanent customs union with the EU, a close relationship with its single market and greater protections for workers and consumers.

May now faces a stark choice: Steer the country toward an abrupt break from the European Union without a deal to govern their future relationship or try to nudge it toward a softer departure. The government must now meet with leaders of all parties to find a sensible way forward given the divisions we have allowed to happen in Parliament and the country.

European Union leaders were pleading Wednesday with the U.K.to finally get its act together on Brexit, end internal strife and come up with a realistic plan to leave the bloc - well over two years after Britain made a decision to leave the EU and with its departure scheduled in less than 10 weeks.

Political analyst Anand Menon, from United Kingdom in a Changing Europe, said history is being made week after week in the Brexit saga, with the government being held in contempt even as May soldiers on.

"She seems content with bringing something back to Parliament to vote on again", Menon said.

May said she had already talked to representatives from the Scottish National Party, Liberal Democrats and Welsh party Plaid Cymru. "But people are skeptical that she's going to get anything that's going to win over members even of her own party".

"If a government can not get its legislation through Parliament, it must go to the country for a new mandate", Corbyn said ahead of the vote, scheduled for 7 p.m. (1900GMT, 2 p.m. EST).

Still, such pledges failed to placate the deal's many skeptics, who said the letter fell short of the legally binding changes to the draft text that they had been seeking.

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But her measured remarks contrasted with the blunt message from French President Emmanuel Macron, who told Britons to "figure it out yourselves".

Hours after the humiliating setback for May's government, EU Brexit negotiator Michel Barnier said early Wednesday that the EU was "fearing more than ever that there is a risk" of a cliff-edge departure.

Economists warn that an abrupt break from the European Union could batter the British economy and bring chaotic scenes at borders, ports and airports.

Business groups have also expressed wide alarm at the prospect of a no-deal exit.

Opposition Labour Party leader Jeremy Corbyn responded with a no-confidence motion, and urged the government to "do the right thing and resign".

Irish leader Leo Varadkar told reporters Wednesday it was now up to the British government to come up with alternatives to avoid departing from the European Union without an agreement. "A new plan is needed immediately".

The pound was flat against the euro with the shared currency buying £0.8872.

Wager believed that a "no-deal Brexit", which will have catastrophic consequences, has become more likely following the vote.

James Smith, an economist at ING, says the "calm market response" suggests investors think at the very least that the government will end up having to seek an extension to the Brexit timetable.

But the deal was doomed by deep opposition from both sides of the divide over U.K.'s place in the bloc.

With dramatic flourish, the editorial board of centre-left daily Le Monde compares the U.K.'s current political trajectory to the country's most iconic vehicle: "Like a Rolls-Royce whose brakes have been cut and is sliding unstoppably down a slope into an abyss, Great Britain sinks deeper into the Brexit crisis".