Published: Wed, August 08, 2018
Finance | By Loren Pratt

Theresa May still thinks Brexit deal with European Union likelier than not

Theresa May still thinks Brexit deal with European Union likelier than not

Outside of the EU, Britain falls under the rules of what's called the "World Trade Organisation", who basically govern trade between countries who don't have special deals.

The pro-Brexit minister said that the chances of a no-deal Brexit were now "60-40", laying the blame on European Union chief negotiator Michel Barnier. 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.

The prominent Brexiteer said he believed the risk of a no deal scenario had increased, pinning the blame on the European Commission and Brussels' chief negotiator Michel Barnier. 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.

On Friday Bank of England, Governor Mark Carney said the chances of a no-deal Brexit had become "uncomfortably high".

Meanwhile, Downing Street issued a statement expressing confidence in the UK's ability to conclude a deal based on the prime minister's White Paper, calling the possibility of a no deal Brexit an "unlikely event".


May hopes to conclude a divorce deal and the broad outline of a future trade agreement by October, giving the United Kingdom and European parliaments until Britain's scheduled departure in March to debate and vote on the package.

The Prime Minister held talks with French President Emmanuel Macron on Friday, cutting short her holiday to visit his summer retreat.

That's left May with little room to maneuver, because Brexiteers in her party already say the strategy offers too many concessions to the bloc.

"But the global trade secretary is right to say there is a risk of the negotiations not succeeding and the government has to prepare for all eventualities".

But unlike Mr. Fox, Ms Patel does not back the Chequers deal, which has already led to a number of resignations from the government, including David Davis as Brexit secretary and Boris Johnson as foreign secretary.

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