If parliament does not ultimately approve a deal, under current legislation Britain will leave without an agreement, an outcome many businesses say would be catastrophic for the world's fifth largest economy by causing major delays at ports, fracturing global supply chains and hindering investment.
The EU is reluctant to make any gestures towards the United Kingdom on the backstop, not only because of maintaining peace in Northern Ireland and preventing a backdoor into the EU's single market, but also because the bloc is not convinced that any EU concession would be enough for May get a majority she needs.
Britain's spending watchdog has issued a damning assessment of the Department of Transport's efforts to secure a ferry contract to ease disruption in the event the country leaves the European Union without an agreement on future relations.
Adding that she will make a statement to parliament on February 26 if there is no deal brought back before then.
"This time that remains is extremely short", he added. A transition period would ensure Britain's continued access to the bloc's 40 or so free trade agreements until December 2020.
"But of course, in this instance MPs will already have debated and approved the agreement as part of the meaningful vote".
Media captionConfused by Brexit jargon?
The EU's chief Brexit negotiator, Michel Barnier, did not mince his words following a visit to Brussels by the UK's Brexit Secretary Stephen Barclay, and made it clear that the European Union would not budge on its assertion that the Withdrawal Agreement that was drawn up by the two sides late previous year will not be renegotiated. "She is playing for time, and playing with people's jobs, our economic security and the future of our industries".
Will May delay Brexit vote to last minute?"It's a high-wire act and - gulp - might lead to a no-deal".
As we talked about late on Monday, there has been a sense building in Westminster that the prime minister is, maybe by accident, maybe increasingly by design, looking to nearly the last possible minute for the definitive Brexit vote.
UK Prime Minister Theresa May.
Time is running out to reach a deal on Britain's withdrawal from the European Union, prime minister Mark Rutte said after talks with British prime minister Theresa May.
The group - including Labour MP Yvette Cooper and Conservative former ministers Sir Oliver Letwin and Nicholas Boles - say they will put down an amendment creating parliamentary time for a bill enforcing a deadline for the prime minister and Parliament.
Downing Street said that would give Parliament a few days to consider her remarks.
May told MPs she believed she could reach a Brexit deal that parliament could support in time for the UK's planned departure from the bloc on March 29.
May, who delayed a vote on the deal in December when it was obvious Parliament would reject it, responded to Corbyn by saying that she was not responsible for the delay, instead blaming Parliament's failure to back it.
"I am grateful that he has asked me that question rather than relying on what someone said to someone else as overheard by someone else in a bar, it is very clear the government's position is the same", she said.