EU leaders are gathered in Brussels to decide whether to grant the U.K. another extension to its departure from the bloc, currently due to take place on Friday.
div > div.group > p:first-child"> According to a draft document seen by CNBC, British Prime Minister Theresa May is set to get a second delay to the U.K.'s departure from the EU. However, it's uncertain at this stage how long this extension will last and which conditions will be imposed.
The U.K. was meant to leave the Union on March 29, but May decided to request an extension a week prior to that given that she did not get enough backing for the deal that she negotiated on with the rest of the EU. At a summit in late March, the 27 EU leaders agreed to give an extension until April 12 or May 22, depending on whether May found the approval needed for her agreement.
If European leaders do not approve an extension Wednesday night, the U.K. will leave the EU without a deal, bringing huge uncertainty to businesses and citizens. However, even in the case of a second delay, this possibility cannot be ruled out at a later stage.There are two schools of thought, one that suggests a short extension would be better to keep the pressure high on U.K. lawmakers to approve May's deal.
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