Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Demonstrators outside the Palace of Westminster. Photo: John Keeble/Getty Images

U.K. Prime Minister Theresa May’s Brexit deal was defeated on Tuesday in the House of Commons — a vote she described earlier as "the most significant" in recent British political history — by a historic 202 to 432 margin, the biggest defeat for a reigning government in more than a century.

Why it matters: No one is really sure what happens next. The U.K. is currently set to leave the EU on March 29, a step with economic and political reverberations that will last for generations, but it's not at all clear what that exit will look like — or if it will ultimately happen on time or at all.

The big picture: Ahead of the vote, May told members: "A vote against this deal is a vote for nothing more than uncertainty, division, and the very real risk of no deal."

By the numbers: There's now a 45% chance that one of three previously extreme scenarios — fresh elections (10%), no deal (5%) or a second referendum (30%) — comes to pass, per a new forecast from the Economist Intelligence Unit.

  • Fresh elections: Labour leader Jeremy Corbyn immediately tabled a motion of no confidence in May’s government in an effort to force a general election. The conventional wisdom is that members are so fearful of a Prime Minister Corbyn that they’ll back May. But the conventional wisdom has a poor track record when it comes to Brexit.
  • No deal: There’s little appetite in Westminster, or in Brussels, for the U.K. to crash out of the EU without a deal. The economic consequences would be dire. But Brexit Day is just six weeks away, and May says "no deal" is a "very real risk." She’ll almost certainly have to buy time from Brussels in order to avoid it.
  • No Brexit: A second referendum has never looked more likely. A growing chorus says it’s the only logical step, considering no possible deal commands a majority in Parliament. European Council President Donald Tusk joined in today, tweeting: "If a deal is impossible, and no one wants no deal, then who will finally have the courage to say what the only positive solution is?"

What's next: May is required to bring another plan before Parliament within 3 days, but she doesn't have much wiggle room, as the EU says it won't renegotiate the deal. If she can't find a solution that satisfies Parliament, a second referendum — which once seemed out of the question — becomes a very real possibility.

Go deeper: Brexit's Irish border headache

Go deeper

Officer who shot Ashli Babbitt during Capitol riot won't face charges

Gary Phaneuf, Tony Naples and Melody Black visit a memorialon Jan. 7 near the Capitol Building for Ashli Babbitt. Photo: Joe Raedle/Getty Images

The Capitol Police officer who fatally shot Air Force veteran Ashli Babbitt on Jan. 6 as she joined a pro-Trump mob ransacking the Capitol will not face criminal charges, the Justice Department said on Wednesday.

Driving the news: In their investigation, federal prosecutors were unable to prove that the officer was not acting in self-defense or acting to defend members of Congress.

Dan Primack, author of Pro Rata
33 mins ago - Economy & Business

Coinbase opens at $102 billion valuation on first day of public trading

Illustration: Sarah Grillo/Axios

Cryptocurrency exchange Coinbase opened trading on Wednesday at $381 per share, giving it a fully diluted market value of around $102 billion.

Why it matters: This is a slight premium to the most recent private trades for Coinbase stock, and more than 50% higher than the reference price set last night by the Nasdaq.

1 hour ago - World

U.S. intelligence expects a stormy year in the Middle East

A technical team explodes remnant ammunition near Sirte, Libya. Photo: Mohammed Ertima/Anadolu Agency via Getty

Ongoing conflicts, economic crises and the fallout from COVID-19 will likely destabilize several countries in the Middle East in 2021 and could even put some on the brink of collapse, according to the U.S. intelligence community's annual Threat Assessment Report, released on Tuesday.

Why it matters: The report is the most comprehensive assessment the intelligence community produces every year. It paints a portrait of conflicts, insurgencies, terrorism and protest movements across the Middle East.