What You Need to Know as Brexit Deadline Nears

British Prime Minister Theresa May got her Brexit deal with the European Union after 18 months of talks. But it looks almost certain to be thrown out when she puts it to the British Parliament Jan. 15. Overwhelming opposition to May’s deal led her to delay a vote planned for December. Where does that leave us? There are many options, including a second referendum that would let Britons reverse their historic decision of 2016, a general election, or even the outcome businesses fear most: Tumbling out of the bloc on March 29 into a chaotic limbo.

Not much. May said she would seek "assurances" from the EU to make the deal more acceptable to lawmakers, something she’s so far failed to do. May has offered a couple of concessions of her own, though she hasn’t impressed the politicians whose support she needs. Meanwhile, currency traders are adding to bets that the U.K. might delay its exit from the EU altogether.