Brexit brinksmanship may see March 'nail-biter'

THERESA May updated Parliament on Brexit on Tuesday, highlighting her latest diplomatic activity, and asking for "more time" until Feb 26 to find changes to the so-called Irish backstop.

Yet, there are growing signs that the United Kingdom-European Union talks will go well beyond this month, potentially right up until the March 28/29 political wire, increasing prospects of significant political miscalculation, market volatility, and a chaotic no-deal exit.

On Tuesday, the British prime minister highlighted a range of activity underway on the Brexit front. This includes resumption on Monday of formal talks between the UK and EU-27 to try to find acceptable, legally-binding changes to the Irish backstop, including potentially putting a time limit on how long it can stay in place.