The daily business briefing: January 16, 2019

Theresa May faces no-confidence vote after crushing Brexit defeat, Netflix shares jump after price-hike news, and more

The Netflix logo in Paris
(Image credit: LIONEL BONAVENTURE/AFP via Getty Images)

1. Theresa May faces no-confidence vote after humiliating Brexit defeat

British Prime Minister Theresa May suffered a crushing defeat on Tuesday when the House of Commons overwhelmingly rejected her plan for Britain's withdrawal from the European Union. The 432-to-202 vote marked the biggest loss for a prime minister in such a parliamentary vote in recent British history. It thrust the Brexit process into chaos just 10 weeks before the U.K. is supposed to leave the European trading bloc. Immediately after the vote, the opposition Labor Party's leader, Jeremy Corbyn, announced that he was putting forward a motion of no confidence Wednesday due to what he called the "sheer incompetence of this government." May now has to quickly come up with a backup plan, although the EU has said is the only one it will accept.

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