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Theresa May said the House of Commons would be given a vote on whether to seek a possible extension to Britain's withdrawal from the EU if MPs reject the government’s renegotiated deal.

A potential extension to Article 50 has been welcomed by the City’s policy chief.

Theresa May this week said the House of Commons would be given a vote on whether to seek a possible extension to Britain’s withdrawal from the EU if MPs reject the government’s renegotiated deal and the prospect of leaving without a deal on 29 March.

Catherine McGuinness has long called for more clarity on the divorce negotiations.

She said: “The fact that the Prime Minister has set out plans to request an extension of Article 50 if her renegotiated deal is rejected by MPs next month is welcome news.

“Politicians must ensure that the UK does not crash out of the European Union next month without a deal. This would be a hugely damaging outcome for consumers, households and businesses both in the UK and the EU.”

Mrs May says a vote on her deal will take place before 12 March.

Ms McGuinness added: “Any extension to Article 50 must not be a bridge to nowhere.

“A deal needs to be agreed by the government, Parliament and the EU in order to enable City firms to plan for the future with confidence. Only then can we move on to the crucial next phase of negotiations on the future relationship between the UK and the EU.”

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