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UK PM to seek Oct. 14 election if parliament blocks no-deal Brexit

U.K. Prime Minister Boris Johnson is planning to hold snap elections next month if Parliament backs a measure that seeks to stop a no-deal Brexit and further delay the country's departure from the European Union, according to various reports.

Johnson on Sept. 2 delivered a public address urging members of Parliament to reject another "pointless" Brexit delay proposed by the opposition Labour Party, saying it will weaken the U.K.'s negotiating position with the EU and make further talks "absolutely impossible."

"I want everybody to know — there are no circumstances in which I will ask Brussels to delay. We are leaving on 31 October, no ifs or buts," Johnson said following an emergency Cabinet meeting. "We will not accept any attempt to go back on our promises or scrub that [2016 EU membership] referendum."

In his speech, Johnson shot down the idea that he wanted an early election as a way forward. However, reports from Bloomberg News and the Financial Times, citing senior government officials, suggested that he would move to dissolve Parliament and call for an election for Oct. 14 if he loses to lawmakers who are seeking another Brexit delay.

Parliament is expected to return Sept. 3 and tackle a bill that requires the government to either reach a new Brexit deal during the Oct. 17-18 meeting of the European Council, or seek the approval of U.K. lawmakers to proceed with a no-deal Brexit.

If the government fails to meet those conditions, Johnson will be forced to ask European Council President Donald Tusk by Oct. 19 to delay the Brexit date to Jan. 31, 2020.

Johnson should immediately agree to such delay if granted by Brussels, or accept within two days any extension period offered by the EU unless rejected by the U.K. House of Commons, according to the draft law.

"The purpose of the Bill is to ensure that the U.K. does not leave the European Union on the 31 October without an agreement, unless Parliament consents," Labour MP Hilary Benn wrote on Twitter as he unveiled the proposed measure.

Benn said the legislation has the support of lawmakers outside the Labour Party who are also opposing a no-deal Brexit.

The pound extended losses following Johnson's speech, trading 0.74% lower to $1.20 as of 3:45 p.m. ET.