On Tuesday, MPs voted down the Brexit deal Prime minister Theresa May had negotiated with the EU, by an overwhelming majority. With 432 of the votes against the deal and only 202 in favor of it, the only offer on the table has been rejected leaving the UK without a contract only 10 weeks before the due Brexit.
In response to the vote, opposition leader Jeremy Corbyn has initiated a vote of no confidence to be held on Wednesday in which MPs decide whether or not to continue with the existing government. In case May survives the vote she announced the submission of another Brexit plan by next week.
At this point, the UK is left with limited options making a no-deal Brexit more and more likely. This, however, would cause the UK to radically cut all ties to the EU including trading contracts. As a result new and likely increased taxes on import and export would be imposed.