'Plan B' for Brexit

U.K. Prime Minister Theresa May is due to lay out a 'Plan B' for Brexit to lawmakers on Monday as she looks to secure a fresh withdrawal agreement before the March 29 deadline to leave the European Union (EU).

As widely expected, May's initial Brexit deal, or 'Withdrawal Agreement,' was rejected by a majority of the U.K. Parliament last week, giving the prime minister three working days to come up with an alternative plan.

May has since held cross-party talks although opposition parties have called on her to both rule out a 'no-deal' Brexit or to hold a second referendum. A second vote is the preferred option of several larger opposition parties who oppose Brexit.

May is now focused on persuading Brexiteers within her Conservative party and the pro-Brexit Democratic Unionist Party (DUP) in Northern Ireland to back her deal by resolving Irish "backstop" concerns.

The Irish "backstop" is a fall-back option intended to keep the Irish/Northern Irish border open if the U.K. and EU fail to strike a trade deal in a 21-month transition period following the departure date in March 2019 – has been a key stumbling block in Brexit negotiations.

Source: CNBC

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