Brexit

The European Union has agreed to delay the United Kingdom's departure from the EU, known as Brexit, until Oct. 31.

The deal, announced early Thursday in Brussels, averts a potential crisis as British leaders had failed to agree on their own plan for pulling out of the multi-state trade arrangement by Friday.

British Prime Minister Theresa May again called on Parliament to approve her Brexit deal.

A British petition to cancel Brexit and remain in the European Union is drawing too much support for the U.K. government's website to handle, with the petition site crashing repeatedly on Thursday. More than 1 million people have signed the petition to revoke the triggering of Article 50 — blowing past the 100,000 signatures needed to compel a debate in Parliament. Article 50 is the EU treaty's exit clause.

With just over a week to go until the deadline for the United Kingdom to leave the European Union, the son of President Trump says that everything would be on track had British Prime Minister Theresa May taken his father's advice on Brexit.

Adam Berry / Getty Images

The business community in Florida is monitoring the Brexit turmoil across the pond.

 

This week, British lawmakers rejected a deal to leave the European Union. The United Kingdom is facing a March 29 deadline without a clear direction.

Not so long ago, staging another Brexit referendum in the United Kingdom seemed almost unthinkable. But in recent weeks, as calls have grown louder, the unthinkable has begun to seem plausible.

Last week, former Prime Minister Tony Blair said because of the current political chaos and future economic risks, the British should have another say on whether to leave the European Union if there are no other viable options.

The United Kingdom is embroiled in its biggest political crisis in decades. On Wednesday evening, members of Parliament in Prime Minister Theresa May's own Conservative Party are casting ballots in a no-confidence vote over her leadership. May needs to win a simple majority of votes from her party's parliamentarians to keep her job.

Here's what you need to know.

Why do members of the prime minister's own party want to sack her?

Updated at 5:33 p.m. ET

Theresa May is keeping her job after all.

The British prime minister survived a no-confidence vote called by members of her own Conservative Party, scoring a critical victory Wednesday in the bruising political battles over Brexit. May will retain leadership of the Tories, and under party rules, she will not face another challenge for at least a year.

British Prime Minister Theresa May has announced that she is calling for an early election on June 8, describing it as the "only way to guarantee certainty and stability for the years ahead" as the U.K. prepares to negotiate its exit from the European Union.

The decision was immediately welcomed by the head of the Labour Party, Jeremy Corbyn. He called it a "chance to vote for a government that will put the interests of the majority first."

Updated 5:15 p.m. ET

"The Article 50 process is now underway, and in accordance with the wishes of the British people, the United Kingdom is leaving the European Union," British Prime Minister Theresa May said Wednesday, informing the House of Commons that she has begun the formal process of unraveling the U.K.'s membership in the European bloc.