The number of days left until Article 50 comes into force is now down to double digits, with the UK scheduled to withdraw from the European Union in only 92 days.
As time runs out and political in-fighting continues to plague the UK government, the likelihood of a divorce deal being struck with the EU is decreasing rapidly.
British Prime Minister Theresa May has narrowly survived a vote of no confidence brought against her by her own party, but the damage is already done. The deal she spent months negotiating with EU politicians has been all-but-abandoned after it was made clear earlier this month that it wouldn’t pass a parliamentary vote.
When the European Court of Justice (ECJ) recently ruled that a second EU referendum could legally be enacted, a brief wave of optimism spread throughout the nation. With May looking likely to be ousted from Parliament and a snap-election possible, many saw the first glimmers of hope that the disastrous Brexit debacle could potentially be reversed.
However, Labour leader Jeremy Corbyn quickly doused any flames of hope in that fire when he made it clear Brexit would still go ahead, even under a Labour government. As a result, odds of Labour winning the next election have been reduced to 11/10 on BetFair.
Despite a seemingly over-optimistic attitude by European Commission Guenther Oettinger that the UK Parliament may still consider May’s unappealing Brexit deal in January next year, bookies in the UK have increased their odds of a No-Deal Brexit.
Increased from only 4/1 odds last week, both Ladbrokes and Coral now give 3/1 odds that the UK will Leave the EU with No Deal before April 1st, 2019 – a relatively strong 25 percent chance.
After ten years working for trading and brokerage firms in the city of London, Mark is now a freelance journalist and writer for various finance and technology publications. In between reading up on the latest developments in fintech, he spends his time traveling the world by bicycle.