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Brexit is slowly unraveling — so what happens if Theresa May’s deal fails?

Click to play video: 'This is what you need to know about the Brexit draft'
This is what you need to know about the Brexit draft
WATCH ABOVE: This is what you need to know about the Brexit draft – Nov 15, 2018

Britain has been grappling with the Brexit deal for nearly three years, and now the highly contested withdrawal from the European Union may be weeks away from falling apart.

United Kingdom lawmakers were supposed to vote on the Brexit agreement Tuesday, which is the 585-page deal that outlines how Britain will withdraw from the EU. But British Prime Minister Theresa May said she did not have the votes and abruptly cancelled the critical vote until January.

READ MORE: Brexit for dummies — what to know if you haven’t been paying attention

“If we went ahead and held the vote tomorrow the deal would be rejected by a significant margin,” May told the U.K. Parliament Monday.

More than 30 million British residents voted in the 2016 referendum, with just more than half saying they want to leave the EU. But the deal is still not final and needs the approval of British Members of Parliament, plus the 27 other members of the EU.

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With less than four months left until the U.K. is due to leave the EU, May’s Brexit deal is floundering, opening up the prospect of a disorderly no-deal divorce.

If May does get her deal through Parliament, the U.K. will leave on March 29 at 11 p.m. local time. But what if May loses? Here are some choices the U.K. faces.

Start over

If May loses, she could go back to Brussels and ask the EU for further changes to the deal, which could persuade lawmakers to support a second vote.

One of the main sticking points in the deal is the Northern Irish “backstop” and May could try to renegotiate this.

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However, the EU has long insisted it will not renegotiate the deal and there isn’t an alternative.

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Reverse Brexit

On Monday, the EU’s highest court ruled that Britain could legally change its mind about leaving the bloc and remain under its current terms.

But May’s government has insisted it will never reverse the decision to leave.

WATCH: EU court adviser says Britain can still legally back out of Brexit

Click to play video: 'EU court adviser says Britain can still legally back out of Brexit'
EU court adviser says Britain can still legally back out of Brexit

Second referendum

May has been dead set against a second referendum. But if it did happen, it would need the backing of the government and can only be called if it is approved by Parliament.

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If Parliament did agree to a second referendum, Britain would then have to ask for an extension to its timetable for leaving the EU.

WATCH: Tens of thousands rally on streets of London, demanding second Brexit vote

Click to play video: 'Tens of thousands rally on streets of London, U.K. demanding second Brexit vote'
Tens of thousands rally on streets of London, U.K. demanding second Brexit vote

General election

May, who has previously said a general election is not in the national interest, could try to increase her majority in Parliament to try and get the deal through.

But this didn’t work last year. May called a general election in 2017 to try and gain a larger majority in Parliament to help with Brexit negotiations (her government had a slim majority). But she ended up worse off and now only has a minority government. So calling a general election now could further weaken her party.

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Resignation

May could resign as leader of the Conservative Party, triggering an internal contest to replace her without a general election.

No confidence vote

The opposition Labour Party could call a vote of no confidence in the government, seeking to take control of the country without holding an election.

WATCH: Jeremy Corbyn calls Brexit deal ‘dead,’ calls for no confidence motion

Click to play video: 'Jeremy Corbyn calls Brexit deal ‘dead,’ calls for no confidence motion'
Jeremy Corbyn calls Brexit deal ‘dead,’ calls for no confidence motion

Delay Brexit deal

The government could seek to extend the negotiating period with the EU to give it time to try to reach a better deal. But again, May has previously said she does not want to delay the exit.

Leave EU with no deal

Leaving the EU without a deal would end more than 40 years of free trade and disrupt the flow of goods and services between Britain and the EU. The Bank of England warned last week that a no-deal Brexit could plunge Britain into a severe recession, with the economy shrinking by eight per cent in the months after March 29.

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Ministers would have up to 21 days to make a statement to the House of Commons on “how it proposes to proceed.”

WATCH:  Britain will head into unknown if Brexit deal is rejected, May says

Click to play video: 'Britain will head into unknown if Brexit deal is rejected – May'
Britain will head into unknown if Brexit deal is rejected – May

— With files from Reuters

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