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.


Related News:



Most liked

Perseids to dazzle PH skies
Infinite amount of shooting stars and wishes! Lastly, the Perseids are awesome because they are one of the most intense showers. According to Space.com, during peak people should see about 60 to 70 meteors per hour.

Carrie Underwood Reveals She's Pregnant With 2nd Child
At the end of 2017, the singer suffered a fall outside her home that resulted in a broken wrist and more than 40 stitches. Luckily he'll be VERY available to help with the little boy or girl to come while Carrie's on the road!

Aston Villa midfielder Jack Grealish 'not for sale at any price'
While Tottenham are keen to bring the England Under-21 man to north London, they were not the only club rumoured to be interested.

Who is England's new Test player Ollie Pope?
Arun suggested that India was not considering fielding a sixth specialist batsman. The plaster on his hand needs to come off first.

Chelsea Ready To Make Move For Aaron Ramsey
Speaking in an interview quoted by Metro, Saunders said: "I think Aaron Ramsey will make Liverpool stronger. What a midfield that would be - Ramsey, Keita and Fabinho".

China defends Iran business ties after Trump threat
Zarif was speaking a day after Washington reimposed the first tranche of harsh sanctions following its withdrawal from the 2015 nuclear deal.

Indonesia promises to ban trade in dog, cat meat
HSI president Kitty Block said the organization applauded the Indonesian government's pledge to end the brutal dog meat trade. Kike Yuen of the WDA told The Sun: 'In the USA , people who eat dog meat are mainly immigrants from Asia.

Sixers Rookie Zhaire Smith Suffers Fractured Left Foot
Philadelphia 76ers rookie Zhaire Smith has suffered a fractured left foot, according to Yahoo Sports' Shams Charania . In six Las Vegas summer league games for the Sixers, Smith, 19, averaged 7.7 points and 2.3 rebounds in 24.7 minutes.

I don't need to explain or defend my relationships: Priyanka Chopra
Well, so there is still no official confirmation on Priyanka and Nick's engagement. Ninety percent of my life is for public consumption, but 10 percent is for me.

6 arrested in "drone attack" against Venezuelan president
Maduro blamed his political opposition for Saturday's apparent attack at a rally in Caracas, but is yet to provide any evidence. Several soldiers seated in the audience had white bandages on their heads, apparently injured in the assassination attempt.

Annual Perseid Meteor Shower This Weekend To Be Spectacular
It is unclear what the weather will be like during this night, but if the skies are clear stargazers will be in for a treat. Those bits of cosmic dust fall into our atmosphere, creating the bright streaks we see as meteors in the night sky.

Caitlyn Jenner Addresses Rumored Romance With Sophia Hutchins
Caitlyn Jenner voted for Donald Trump in 2016 and said early previous year she didn't yet regret that vote. Maybe Jenner could have a turn as the Mister Sinister cone, Miss Sinister.

Partial Solar Eclipse On August 11
The Moon was gradually covered by the Earth's shadow and the totality phase began at 1 a.m. Following the blood moon on July 27, August 11 will witness a partial solar eclipse .

Alexander Zverev retains title in Washington
Saisai beat American qualifier Allie Kiick 6-3, 6-1 in the quarterfinals as she and Rublev were forced to play twice Saturday. Germany's third-ranked Zverev dispatched seventh seed Nishikori , the 2015 champion, as he did in last year's semi-finals.

Newly Leaked 'Galaxy' Skin in Fortnite Could be a Samsung Exclusive
This piece of information has been reaffirmed by an image of Galaxy Note 9 Value Pack retail box shared by Dutch site Techtastic. There are pictures and videos of a similar Galaxy Note 8 Value Pack that Samsung sent only to reviewers past year .