60-40 chance at a 'no deal' Brexit, trade secretary says

60-40 chance at a 'no deal' Brexit, trade secretary says

This would means UK-EU trade defaults to World Trade Organisation terms at the end of March 2019, when the official Brexit process ends, without a transitional period, which has ratcheted up fears of the worst-case cliff edge scenario in the City and beyond.

Britain's worldwide trade minister says it's likely the United Kingdom will fail to agree upon a divorce deal with the European Union before it leaves the bloc in March — the latest in a growing chorus of warnings that the negotiations are in crisis. After reporting a 5 percent rise in first-half profit before tax, the lender said it remains cautiously optimistic for global growth in the remainder of the year.

Lobby group Maritime UK has urged the British government and European Union to extend the Article 50 process if a Brexit deal is not agreed by October.

It's not a prospect business and markets relish, though.

Fox is not alone in thinking Britain may wind up without a deal at all - last week the governor of the Bank of England, Mark Carney, also warned the possibility of a no-deal was "uncomfortably high", according to Reuters. Aircraft maker Bombardier Inc. on Monday told the Press Association that it may have to stockpile parts at a cost of 30 million pounds ($39 million) to mitigate for a no-deal Brexit that disrupts trade and supply chains.

60-40 chance at a 'no deal' Brexit, trade secretary says
60-40 chance at a 'no deal' Brexit, trade secretary says

Meanwhile, Labour's Brexit policy will be challenged by its members.

THE EU'S chief negotiator has hit back at Liam Fox for accusing him of refusing to budge over Brexit.

Another critic of May's strategy, former International Development Secretary Priti Patel, wrote in the Sunday Telegraph that the plan fails "by any reasonable standard" to reflect the result of the 2016 European Union referendum or to "provide for our future economic prosperity".

The negotiations come at a delicate time for May, who in recent months has seen a string of resignations in her party over her Brexit plans - most notably Brexit secretary David Davis and foreign secretary Boris Johnson.

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