United Kingdom- British members of Parliament (MPs) voted overwhelmingly Thursday, March 14 for a delay in the Brexit process for three months of more.
The MPs voted in the House of Commons by 412 to 202, to ask the European Union (EU) for an extension to Article 50 in Brexit. This means the Brexit date, originally set for Friday, March 29, will be delayed, but Investment Advisor Mark Grywacheski says there's no hard target deadline that's been set.
Earlier, MPs also rejected an amendment calling for a second Brexit referendum. MPs voted by 334 to 85 to turn down the amendment, which called for a delayed Brexit to allow for a new referendum.
This is the first time the question of a new public referendum had faced a parliamentary vote since the first referendum was conducted in June of 2016.
How does this affect the American economy? Grywacheski explained the impact during Your Money Monday, March 18. He says the threat of Britain leaving is having a negative impact on the EU, which in turn will impact the U.S.
"When you combine the economic footprint of these 28 European nations, it now becomes the world's second largest economy, accounting for almost 22% of the world's economic output," Grywacheski said Monday. "It now becomes one of America's largest consolidated trading partners."
Your Money with Mark airs between 5 and 5:30 a.m. every Monday on Good Morning Quad Cities. To live stream our newscast, click here.