The U.K. Parliament is moving closer to a plan to delay Brexit in order to stop the country dropping out of the European Union with no deal and avoid the risk of an economically damaging divorce.

The main opposition Labour Party is now increasingly likely to support a proposal to extend the March 29 exit day deadline, if Prime Minister Theresa May fails to negotiate a divorce agreement, said John McDonnell, the party's chief finance spokesman.

McDonnell described the proposal as a "sensible" way to avoid the upheaval of a disastrous no-deal Brexit.