Britain is due to leave the bloc on March 29 but no withdrawal deal is in place after British lawmakers rejected May's treaty in part due to the backstop, an insurance policy to stop the return of a hard border between the British province of Northern Ireland and the Irish Republic after Brexit.
Time is of the essence.
Minutes of the recent meeting of the bank's Financial Policy Committee showed officials warning that in a "disorderly Brexit", a range of financial assets, including the pound and stocks, "would be expected to adjust sharply, tightening financial conditions for United Kingdom households and businesses".
Foreign Secretary Jeremy Hunt says "the signals we are getting are relatively positive".
"I think there are something like 60-70 Labour members of Parliament who feel as strongly as I do against a second referendum", said Flint, who represents an area of Britain which voted to leave the European Union at the 2016 referendum.
Barnier meanwhile told European Union commissioners in Brussels that the negotiations were proving "difficult" and a way had not been found to deliver the legally-binding changes Cox needs to reassure Brexiteers that Britain will not be trapped in the backstop.
As the Prime Minister promised a £1.6 billion package for "left behind" communities in predominately Leave areas, hardline Brexiteers continued to insist on major concessions from Brussels in order to back Mrs May's deal. Both British and European Union officials have said any delay would not be lengthy, probably for a few months.
May's Chief Whip Julian Smith, who is charged with trying to rustle up enough support for her plan in Parliament, told her top ministers Tuesday that the vote next week will be tight, according to three people who spoke on condition of anonymity.
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They are hoping to build on what May's team calls "progress" in talks to find a compromise that would rule out Britain leaving without a deal, a nightmare scenario for many businesses.
For her part, Anna Soubry, the spokeswoman for the Independent Group made up of former Labor Party members and ex-conservative politicians, noted that it is a desperate measure by May, whose initial plan for the Brexit was rejected by the Parliament in January.
Sir Graham, who himself voted against the deal last month, wrote in the Mail on Sunday: 'The whole country is exhausted of vacillation and delay.
With less than a month until Britain is due to leave on March 29, May is yet to win parliament's approval for her deal.
Many of May's own Conservative lawmakers remain opposed to the withdrawal agreement struck between her government and Brussels.
"Let me be clear: I do not want to see Article 50 extended", she said, after clarifying that the delay would be no later than the end of June.
He added: "How we get there is something we are prepared to be flexible about". "But the crucial thing that we are looking for is to see whether Geoffrey Cox is going to be able to change his advice to the government".