January 15, 2019 / 9:47 PM / a month ago

Citi says chance of delay to Brexit now 'very high'

FILE PHOTO: The logo of Citibank is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha

LONDON (Reuters) - U.S. investment bank Citi (C.N) said on Tuesday there is now a “very high” chance that Brexit will be delayed past March 29, after lawmakers defeated Prime Minister Theresa May’s Brexit divorce deal by a crushing margin.

“After tonight’s emphatic rejection, small tweaks won’t get the deal over the line,” economists from Citi said.

“The probability of Article 50 extension is now very high, and the stock of Article 50 revocation is rising too,” they added, referring to the legal mechanism that triggered the exit process.

Reporting by Andy Bruce; editing by Guy Faulconbridge

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