Philip Hammond the Chancellor of the United Kingdom, said that it is currently “physically impossible” for Britain to leave the European Union on the original 2019 Brexit date which is scheduled on the 29th of March.
During an interview on the BBC’s Andrew Marr show, Hammond said that even if the Members of Parliament (MPs) passed the Brexit deal of Theresa May, the Prime Minister of the United Kingdom, over the next week, there would still need to be an extension to Article 50 in order to pass the necessary legislation and prevent a no-deal Brexit.
Article 50 is considered as the official notification that the United Kingdom will leave the European Union. Once triggered, it will start a two-year period where the United Kingdom negotiates with the European Union on an exit deal before it has to leave the bloc legally.
Reportedly, PM May is planning to table a third meaningful vote which is dubbed as the “MV3” in parliament next week. She will ask the MPs to approve her withdrawal agreement. The first two votes — first last January and again on the 12th of March — were both voted down by the MPs by huge margins.
According to a seriwes of analyst notes, it is looking to be unlikely that the deal of PM May will be passed in parliament this week,
In a note to clients, the chief UK economist at Pantheon Macroeconomics, Samuel Tombs, wrote: “It is highly likely … that Mrs. May will fail if she tries again.”
His view was echoed by some analysts at Credit Suisse, ING, and Morgan Stanley.
On the other hand, UBS said that “success is far from certain.”