PM Theresa May faces challenge despite securing key Brexit changes

May secures new assurrances from EU

"Now is the time to come together, to back this improved Brexit deal, and to deliver on the instruction of the British people", May said.

If MPs vote yes then Brexit is postponed.

May is hopeful that she can push her deal through in the parliament. Does it want to hold a second referendum?

"The choice is clear", he said.

The EU, which had warned there would be no more changes or negotiations if Parliament threw out the deal, expressed exasperation at yet another Brexit crisis.

The European Commission president insisted there would be no further negotiations on the issue. She, above all, retains the ability to ask for an extension and it is her deal MPs are voting on.

PM Theresa May returning to Downing Street after making a statement on Brexit at the European Parliament in Strasbourg.

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Late last night, May and her Brexit secretary Stephen Barclay secured a new agreement with European Union chief Jean-Claude Juncker, which included ensuring that there will be "no indefinite backstop" - the key sticking point for many hard-line Brexiteers who May must win over. The U.K. would enter a transition period that would last through the end of 2020.

Many Eurosceptic Conservatives are likely to follow the lead of the Democratic Unionists, but Nigel Dodds, the DUP Westminster leader, requested more information about an "extremely important" third element of negotiations which had not yet been completed - a unilateral political declaration by the United Kingdom that the backstop was not binding. However, the text of the 585-page withdrawal agreement remained unchanged.

You may have read in the last day that she won a "revised deal" in Monday night talks with European Commission President Jean-Claude Juncker, but all she really got was repeated assurances that no-one in the EU wants the crucial Irish backstop mechanism (explained here) to be permanent, leaving the United Kingdom indefinitely tied into a customs union with the EU if the two sides fail to strike a new trade agreement in the next couple years.

Meanwhile, JR Zhou, market analyst at Infinox, said markets were "convinced" that the deal does not have the numbers to pass and added that May's speech to the Commons "has now been thrust firmly into Hail Mary territory - a last-ditch effort to sell a seemingly unsellable deal to MPs". A no-deal Brexit would be catastrophic for businesses, which would on March 30 immediately face new tariffs, supply chain disruptions and regulatory uncertainty on an epic scale. "However in our view sufficient progress has not been achieved at this time".

The EU will have to agree to any extension to article 50 and the commission's secretary general, Martin Selmayr, told ambassadors on Monday that the safest delay to Brexit would only be up to 23 May, ensuring that elections to the European parliament would not create complications. First thing on Monday, May's officials said negotiations were "deadlocked" as the European Union continued to refuse to shift course. "If we don't check out tonight, we may never leave", tweeted Conservative legislator Bob Seely.

Sterling also fell two cents against from £1.32 to £1.30 against the dollar.

After the vote, Labour leader Jeremy Corbyn accused May of running down the clock on Brexit and said he will try to get MPs to back a Labour plan.

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