Brexit Deadline Extended to Oct. 31

The U.K. voted to leave the EU in 2016, and in the span of nearly three years, the U.K. has not devised a plan for exit. The deadline for exiting has been extended again, this time until Oct. 31, 2019. Should Prime Minister Theresa May and parliament agree on a plan before that deadline, the exit could take place even sooner.

With EU parliamentary elections May 23-26, if the U.K. still wants the extension, the region must participate in the elections or leave with no deal June 1. This Oct. 31 deadline extends farther than May's proposed June 30 deadline.

Creditors working with businesses in the U.K. still face a level of uncertainty—something they will have to continue to expect.

"Please do not waste this time," said European Council President Donald Tusk, according to the BBC.

—Christie Citranglo, editorial associate