Anchor: British Prime Minister Theresa May’s plan for Britain's withdrawal from the European Union was rejected in parliament by a 432-to-202 vote on Tuesday, increasing the likelihood of Britain leaving the EU on March 29th without a plan in place. However, the Seoul government says that the impact of the British parliament's rejection of Prime Minister May’s Brexit withdrawal plan on the global financial market is limited.
Kim Bum-soo has this report:
Report:
[Up on Nat sound: UK House of Commons Speaker John Bercow speaking after conclusion of the debate]
"The ayes to the right: 202. Order. The ayes to the right: 202. The noes to the left: 432. So the noes have it. The noes have it. Unlock."
British lawmakers voted down Prime Minister Theresa May's plans for Brexit by a huge margin.
Tuesday's rejection came just ten weeks ahead of the UK's planned exit from the European Union.
With British politics plunging to chaos, Prime Minister May was open to a vote of confidence on her leadership.
[Sound bite: British Prime Minister Theresa May]
"Every day that passes without this issue being resolved means more uncertainty, more bitterness, and more rancour. The government has heard what the House has said tonight, but I ask members on all sides of the house to listen to the British people, who want this issue settled. And to work with the government to do just that."
Over in Seoul, key officials from the finance, trade and other relevant ministries held a meeting to discuss the possibility of a no-deal Brexit.
[Sound bite: Meeting of related ministries (Jan. 16/Seoul Gov't Complex)]
While noting that the British parliament's decision was generally expected, First Vice Finance Minister Lee Ho-seung cautioned that the global financial market may react differently depending on the British government's future plans.
[Sound bite: First Vice Finance Minister Lee Ho-seung (Korean)]
"We will pay attention to the confidence vote planned on Prime Minister May. If she is reconfirmed, the British government will present Plan B by Monday next week and the UK House of Commons will cast ballots. Various scenarios are possible including a renegotiation with the EU, a second referendum and early general elections."
Lee assured that should Britain leave the EU without a deal, its impact on the Korean economy will be limited. Britain takes up a small portion in South Korea's trade, accounting for one-point-four percent.
[Sound bite: First Vice Finance Minister Lee Ho-seung (Korean)]
"It is possible that our real economy will be affected indirectly by the slowing UK and EU economies and increased volatility in the international financial markets. Especially, individual exporters and importers doing business with UK counterparts can face change in tariffs and other uncertainties."
The trade ministry says a no-deal Brexit could lead to ten-percent tariffs on South Korean automobile imports in the UK. No tariffs are currently charged on South Korean cars to EU countries.
It will hold talks with Britain to ensure South Korea will continue to receive the tariff benefits it has enjoyed under its free trade agreement(FTA) with the EU.
Officials said the government will also speed up efforts to conclude an FTA with Britain.
Kim Bum-soo, KBS World Radio News.