Update : UK Prime Minister Theresa May offers cross-party talks with leader of opposition to break Brexit logjam.

"Today I'm taking action to break the logjam. "I'm offering to sit down with the leader of the opposition and try to agree a plan that we would both stick to to ensure we leave the EU and we do so with a deal. "Any plan would have to agree the current Withdrawal Agreement - it has already been negotiated with the 27 other members and the EU has repeatedly said it cannot and will not be re-opened."

Theresa May says she understands some people are so fed up that they want to leave with no deal. But she supports leaving with one and says we need a short extension to article 50.

She says the debate cannot be allowed to drag on and adds that the Commons’ approach has not worked.

May says she is offering to sit down with the leader of the opposition, Jeremy Corbyn, to come up with a plan to leave with a deal. But she says that deal must include her withdrawal agreement.

As The Guardian reports, if she and Corbyn cannot agree a unified approach, May says, then a series of options for the future relationship would be put to the Commons in a series of votes. The prime minister adds that the government would abide by the decision of the House – but only if Labour did so too.

May also says she wants the process to be finished by 22 May so that the UK does not have to take part in the European Parliament elections.

Bloomberg's Tim Ross notes that the most likely outcome of any talks with Labour looks to be a customs union of some sort with the EU. Corbyn wants a permanent customs union with the bloc, and it's so far been the Plan B option that has come closest to winning a majority in recent rounds of voting in Parliament.

The problem is that even if Parliament can agree on, say, a customs union, May really needs a majority of Conservative MPs to get behind it. All the indicative votes so far have shown the opposite.

So realistically this is merely dragging Corbyn closer to the 'blame' for a no-deal Brexit, but Cable extended its gains on this last-ditch hope...

As a reminder, on March 21, the last time there were cross-party talks, Labour's Corbyn walked out, apparently in protest at the presence of Chuka Umunna, who quit Labour last month and now speaks for an 11-strong group of former Labour and Conservative lawmakers.

Cable tumbles, then rises on hopes the next vote will have a different outcome (and short covering), then tumbles again, then rises on... and so on . — zerohedge (@zerohedge) April 1, 2019

Trade Accordingly.

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After a marathon seven-hour Cabinet meeting, UK PM Theresa May is set to deliver a statement on the future of Brexit.

As The Guardian's Jennifer Ranking earlier explained:

So no deal is off the table? Not yet. No deal is the legal default, so cannot be ruled out. While the EU would probably grant an extension, officials in Brussels are not certain the prime minister will ask for one. EU leaders will not force the UK into a long extension if it does not seek one or refuses to meet the terms, say people close to the process. Some fear May would placate her party over taking part in European elections. “If the prime minister said she wanted a no deal, we wouldn’t be able to stop her jumping off the cliff,” the EU diplomat said.

Cable started to rise ahead of the statement as some suggested she would soften her stance to a no-deal Brexit.

"Hearing rather cryptically that the PM's statement will represent a softening of her red lines - but not on free movement," Steven Swinford of The Telegraph said on Twitter. "Make of that what you will, we'll know soon enough."

Watch live feed here...

Bloomberg reports the following key developments:

MPs are trying to pass a bill on Wednesday that would prevent a no-deal exit (1 p.m.)

May’s Cabinet met to discuss way forward

PM still wants to put her deal to a fourth vote, her spokesman says (11:30 a.m.)

Dutch PM Rutte says no-deal is a "probability," as EU sets its conditions for a delay

And finally, we note that May's speech comes as Emmanuel Macron said the EU "will not be hostage to a political crisis in the UK" as he warned MPs against assuming a long extension to Article 50 is possible. The French president said the EU agreeing to a lengthy Brexit delay long beyond April 12 should "not (be taken) for granted".