Brexit Bill passes to Lords after MPs overwhelmingly vote in favour

In one month's time, Prime Minister Theresa May could trigger Article 50 and start the two-year clock on Britain’s exit from the European Union after MPs gave her the green light.

Late on Wednesday, MPs approved the historic European Union (Notification of Withdrawal) Bill on its third reading by 494 votes to 122, with a majority of 372, which will now be passed to the House of Lords.

This means that May’s timetable remains on track, with reports saying that the government plans to get the bill through parliament by 7 March for May to trigger Article 50 on 9 March, when EU leaders meet in Brussels and a day after the Budget on 8 March.

The bill passed unchanged in the House of Commons with MPs rejecting amendments proposed by Labour, the SNP and Plaid Cymru such as providing Parliament with regular updates, consulting devolved bodies in Scotland, Wales and Northern Ireland, and guaranteeing the rights of EU citizens in Britain.

Analysts at Accendo Markets said: “This passes the bill to the House of Lords after the half-term recess, but note Conservatives do not have a majority in the HoL meaning discussion and opposition could be more heated, although should they dare to go against the will of the people it could sound the death knell for this group of privileged and unelected peers.”

Barclays said Lords and the Commons often 'ping pong' bills back and forth until a final text is agreed upon but if the Lords quickly votes in favour during the third reading, and there are no amendments, it will go for Royal Assent as it is and become law.

In June, parliament is expected to begin discussing a “Great Repeal Bill”, which removes the European Communities Act of 1972 but also enshrines EU ‘acquis’ – the body of existing EU law – into domestic law, ensuring legislative continuity during the withdrawal process.

Looking further ahead Barclays' analysts said: "We believe full negotiations will last much longer than the two years set out for
withdrawal.

"New trading relationships with the EU and the RoW will likely be complex and drawn out, exacerbated by a lack of political clarity and focus. As a result, firms are likely to now review their operations along the entire value chain, with tariffs only being a small part of their worries."

The Brexit bill has also heightened tensions within Labour with 52 out of 229 of the party’s MPs voting against the bill and Shadow Business Secretary Clive Lewis resigning.

Lewis is thought to be a contender to challenge Labour leader Jeremy Corbyn as growing numbers in the party are reported to feel his position has grown untenable.

Looking ahead on Thursday, Trade Secretary Liam Fox is to speak at 1000 GMT.