The U.K. was officially set to leave the EU on March 29 this year but a delay to that date is likely to diminish the chances of a no-deal Brexit, something that market watchers have been concerned about over recent months.

A spokesperson for British Prime Minister Theresa May immediately tried to quash the report, saying the U.K. leader has already ruled out extending the deadline. Any delay to the date would have to be approved by the remaining 27 EU leaders.

British lawmakers are set to vote on May‘s much-maligned Brexit deal on Tuesday. Remarkably, May’s template to exit the bloc faces virtually certain defeat. That leaves the prospect of a complete collapse of government, a disorderly exit from the bloc or even the entire Brexit process being scrapped altogether over the coming weeks.

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