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Report: UK could lose EU membership July 1 unless it holds European elections

Britain's EU membership could terminate July 1 if the country seeks a Brexit extension beyond June 30 without participating in European Parliament elections in May, the Financial Times reported, citing a document outlining conditions for a delay.

U.K. lawmakers on March 14 backed a government motion to delay the departure from the bloc until June 30 as long as they pass a Brexit deal by March 20. However, Prime Minister Theresa May has said that without a deal by March 20, the Brexit delay could last longer. European Parliament elections are scheduled for May 23-26.

The EU Council is due to meet in the next week to debate a possible extension, which would require unanimous approval of all EU member states, but disagreements have been reported among European leaders over the terms of a delay.

The document the FT reporters saw also reportedly warned that trade talks with the U.K. would halt during any extension period, considering that it would still be part of the EU.

Newly elected members of the European Parliament take their seats July 2.

Earlier in the week, U.K. lawmakers rejected a no-deal scenario and May's revised withdrawal agreement.