Brexit talks collapse; May, Labour Party fail to reach agreement

Talks between British Prime Minister Theresa May and the opposition-led Labour Party aimed at breaking the Brexit deadlock and ease the parliamentary paralysis broke down after the two sides failed to reach an agreement on Friday.

CNN quoted Labour leader Jeremy Corbyn as saying that the negotiations have "gone as far as they can go" and that the two sides had been unable to bridge "important policy gaps between us."

The talks, which have lasted nearly two months, were convened in an attempt to agree on a Brexit plan that could stand a chance of being approved by the British Parliament.

But the prospect of the agreement has diminished in recent weeks, as lawmakers on both sides have grown irritated with the long-drawn process.

In a letter to May, released on Friday, Corbyn warned that even if a deal was reached, her successor could simply tear it up.

"The increasing weakness and instability of your government means there cannot be confidence in securing whatever might be agreed between us," he wrote.

As of now, May plans to put her original Withdrawal Agreement to lawmakers for the fourth time in early June. Votes could also be held on a set of alternative options.

The Brexit deal has already been defeated three times by the British Parliamentarians and the chances of it being passed at the fourth time look slim.

It was confirmed on Thursday that May would outline a timetable for her departure after the June vote is held, regardless of the outcome. In other words, the Conservative Party would hold an election to choose a new Prime Minister, this summer, likely bringing with it a new round of political uncertainty.

May's attempt to reach an agreement has angered the hardline pro-Brexit faction in her party.

Corbyn, meanwhile, has also faced hostility from the pro-Remain wing of his party, which is pushing for a second Brexit referendum. His reluctance to demand a new referendum as a condition for supporting May's plan had angered pro-Remain MPs and party members.

Britain is currently scheduled to leave the European Union on October 31, having twice delayed its departure.