Theresa May's Brexit agreement rejected for third time

The UK Parliament rejected Prime Minister Theresa May's Brexit Withdrawal Agreement for the third time on Friday (local time), with the European Union warning that a no-deal Brexit is now a 'likely scenario.'

The withdrawal deal, negotiated by May with the EU, is touted to be shelved following the third defeat, reports CNN. The UK is now slated to leave the EU on April 12.

The EU issued a strong statement following Friday's outcome.

"The Commission regrets the negative vote in the House of Commons today. As per the European Council (Article 50) decision on 22 March, the period provided for in Article 50(3) is extended to 12 April. It will be for the UK to indicate the way forward before that date, for consideration by the European Council. A 'no-deal' scenario on 12 April is now a likely scenario," the bloc said in an official statement.

"The EU has been preparing for this since December 2017 and is now fully prepared for a "no-deal" scenario at midnight on 12 April. The EU will remain united. The benefits of the Withdrawal Agreement, including a transition period, will in no circumstances be replicated in a "no-deal" scenario. Sectoral mini-deals are not an option," the EU stated.

May had earlier announced that she would step down if the deal is accepted by the UK Parliament on Friday. Despite the rejection, calls from MPs regarding May's ouster have magnified after the third rejection.

Friday's outcome also had a negative impact on the Great Britain Pound, which dropped to US $ 1.298 against the dollar just minutes after the vote. It had been trading as high as US $ 1.31 earlier in the day.

No resolution seems to be in sight for the United Kingdom as the British Parliament has earlier rejected a "no-deal Brexit" scenario. The EU, on the other hand, has iterated on multiple occasions that the previously negotiated Withdrawal Agreement--which has been rejected thrice--is the best that can be put on offer.

Adding to the crisis, May has also previously rejected calls for a second referrendum, putting forth her resolve to honour the outcome of the 2016 vote and leave the EU.