Essentially the clock just gets reset to when the first meaningful vote failed
Yup, we're no closer to a Brexit solution now than we were three months ago. As UK lawmakers failed to settle on a majority option during the indicative votes process overnight, parliament will now debate on the next steps and a long extension tomorrow.
At the same time, this makes yet another meaningful vote (half or full) later this week increasingly likely as there are no other options to contend with Theresa May's deal.
So, what could happen now?
If May's deal still isn't able to command a majority in parliament, there's the immediate prospect of a no-deal Brexit on 12 April. However, parliament will do what it can to block that from happening so a long extension looks more likely than this.
A long extension would mean the UK taking part in European Parliament elections and keep the door open for a host of outcomes including renegotiation of the Brexit deal, a second referendum, a general election, and potentially even more voting on May's deal.
We won't be getting much concrete details on what happens next today but expect the rumour mill to continue churning out headlines. The focus will be again on whether May can secure a majority for another round of votes on her deal later this week, so expect the pound to react to news on that front.
