May tells UK lawmakers to ‘hold nerve’ as date set for new Brexit vote

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Prime Minister Theresa May listens in the House of Commons, London.

British Prime Minister Theresa May told lawmakers that the U.K. Parliament will get another chance to vote on her deal to exit Europe before the end of February.

May said if there is no deal by Tuesday 26 February, the government will make a statement to MPs on that day, and hold a debate on an amendable motion the following day.

In a statement to the House of Commons on Tuesday, May also asked for more time to negotiate with the European Union (EU).

“The talks are at a crucial stage. We now all need to hold our nerve to get the changes this House has required and deliver Brexit on time,” May said.

Following the speech, the main opposition Labour leader Jeremy Corbyn said May was “running down the clock” in a bid to force lawmakers to accept her deal.

May wants European counterparts to adjust the terms of the “backstop” that currently forms part of the Withdrawal Agreement. If that occurs, she could likely secure a majority in Parliament.

The backstop is an arrangement that acts as a means to prevent any hard border being erected on the island of Ireland between the Republic of Ireland which is staying In Europe and Northern Ireland which is part of the United Kingdom and is set to leave the EU.

Prior to the statement, the pound sat at 1.2861 versus the dollar and was largely unmoved as she spoke.