The House of Commons will vote on Jan. 15 on Prime Minister Theresa May’s Brexit withdrawal agreement with the EU. If the agreement fails to gain support — a likely outcome — the specter of a no-deal Brexit will loom as the March 29 deadline approaches.
Why it matters: The prospect of a no-deal Brexit is alarming for both economic and geopolitical reasons. It would propel the U.K. out of the EU’s single market, roiling the U.K.’s economy and causing trade chaos with the EU. The Bank of England predicts an immediate 8% drop in British GDP under this scenario.