THERESA May faces a crucial time in the Commons that could carve the shape of Brexit, with fewer than 60 days remaining until the UK is due to leave the EU.
Here is the latest that the books have on all the possible Brexit scenario as of February 11.
What are the latest no-deal Brexit odds?
Leading bookmaker Paddy Power put the odds on the UK leaving the EU without a Brexit deal to 13/5 as the deadline edges closer.
The bookies is also offering odds of 1/4 that a deal will be in place before the deadline of March 30, 2019.
A general election is 6/5 to take place in 2019 as set by William Hill.
What are the other situations you can bet on?
A General Election this year (odds: 7/4 Ladbrokes)
The UK to leave the EU with No Brexit Deal before April the 1st 2019 (odds: 13/5 Paddy Power)
The UK to have a second referendum (odds: 7/2 Bet365)
Below are the odds if you wish to bet on the year of the next General Election as put by Bet365:
2019 (5/4), 2022 (7/4), 2020 (5/1), 2021 (6/1)
Below are the odds if you wish to bet on which party will win the next General Election as put by BetFair:
Conservatives (9/4), Labour (5/2), Lib Dems (250/1), UKIP (500/1), Green Party (1,000-1).
CBI Director General Carolyn Fairbairn said in an interview with Sky News that the chances of Britain leaving the EU without a deal had increased and the country was now in “the emergency zone”.
Negotiations are ongoing under Article 50 of the Lisbon Treaty ahead of the UK’s exit on March 29, 2019
What is a no-deal Brexit?
A no-deal British departure from the European Union means leaving without formal arrangements for the future relationship.
Mrs May is fighting back against opponents of her blueprint for Brexit, saying Parliament will have to choose between her proposal and crashing out of the European Union without a deal.
It would mean scrapping a 21-month transition period lasting until the end of 2020, and the exit would be immediate.
Brexiteers say it would be a boost for the UK to be free from Brussels rules and we will be able to strike deals with other upcoming nations around the globe.
We would also not be obliged to pay the £39billion divorce bill, according to a House of Commons report – but Chancellor Philip Hammond sparked fury by saying we would pay up even without a deal.
Many people fear the UK economy would be hurt by a “cliff edge” Brexit as trade is held up by new border checks and tariffs and more red tape for businesses.
Doom-monger Bank of England governor Mark Carney warned house prices could crash by a third in a worst-case scenario.
Customs checks on cross-Channel freight could cause havoc at ports, hitting food supplies and other goods such as motor parts.
In a pure no-deal scenario, businesses would lose their passporting rights, which allow them to sell their services across the EU without having to obtain licences in each individual country.
MORE BREXIT NEWS
A no deal would also see residency rights for EU nationals in the UK potentially disappear overnight.
In theory, these people would become “third country nationals”, meaning they would be subject to domestic immigration rules.
There is also uncertainty over what would happen at the 310 mile border between Northern Ireland and the Republic.
Labour could face a wipeout at the ballot box thanks to its pro-Brexit stance, a leaked poll has warned.
Labour has denied it would automatically move to back a second referendum if May rejected Corbyn’s offer of support for a revised Brexit deal as the next step.
Jeremy Corbyn’s failure to back a second referendum could be “far more damaging than the Iraq war”, according to a leading trade union.
It comes as young EU enthusiasts turn against Labour in protest against Mr Corbyn’s Brexit policy.
The damning poll findings come in a document commissioned by the TSSA union, which asked YouGov to carry out a nationwide survey.
The results, leaked to ITV News, suggest Labour would pick up votes if it supported a second referendum on the EU.
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News Photo What are the latest no-deal Brexit odds and what is the likelihood there will be a second referendum?
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