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May's Brexit Deal Shot Down For A Third Time; PM Sees 'Grave' Implications

United Kingdom Prime Minister Theresa May's third attempt to pass a deal to leave the European Union was shot down in Parliament by a vote of 344-286 Friday, according to the BBC.

What Happened

Friday was the date the UK was initially supposed to leave the European Union in a process known as Brexit. Now that May's deal has once again failed in Parliament, the country has missed a deadline to delay Brexit until May 22, the BBC said.

The British Parliament has been unable to agree on any of the proposed plans for how to execute Brexit.

Why It's Important

"The implications of the House’s decision are grave," May said after the vote, according to Reuters.

"The legal default now is that the United Kingdom is due to leave the European Union on 12 April, in just 14 days’ time."

That window does not give British politicians enough time to reach and ratify a deal, "and yet the House has been clear it will not permit leaving without a deal," the PM said.

Labour Party Leader Jeremy Corbyn said May's deal has now been voted down three times.

"We must give ourselves time. We need to apply the handbrake to this process. The PM has indicated her departure and we should now be having a general election.”

May reportedly told Conservatives earlier this week that she would step down after a Brexit deal was reached.

British voters first initiated the Brexit process with a 2016 referendum vote.

What's Next

European Union President Donald Tusk said Friday that the EU will hold an emergency meeting of the European Council on April 10.

MPs will hold another round of votes Monday to see if an agreement can be reached on a Brexit option, according to the BBC.

Other next steps include another potential round of votes April 3; the emergency meeting of EU leaders April 10; and Brexit day April 12 if the UK does not vote for a delay or the EU does not approve one, according to the British broadcaster.

European Parliamentary elections are set for May 23-26.

The Vanguard FTSE Europe ETF (NYSE: VGK) was trading higher by 0.37 percent at the time of publication Friday, while the iShares MSCI United Kingdom Index (NYSE: EWU) was trading down minimally.

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