Economy

Sterling falls as dollar rebounds, United Kingdom minister says no-deal Brexit likely

Sterling falls as dollar rebounds, United Kingdom minister says no-deal Brexit likely

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.

They'd also probably point to analysis by the International Monetary Fund which says Britain will see a 4% drop in GDP if no-deal happens, which means the total value of all the goods and services produced in the United Kingdom would drop by 4%.

A "no-deal" Brexit poses a serious and substantial risk to public safety, with police officers at risk of losing vital access to information and powers, Britain's home secretary was told in a leaked letter published today.

"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".

Fox put the chances of a no deal at "60-40", in an interview with the Sunday Times, adding that "intransigence" from the European Commission is "pushing us towards no deal".

More news: Indonesian rescuers struggle to reach cut-off villages after deadly quake

He said Mr Barnier had dismissed the UK's proposals in the Chequers plan thrashed out by Theresa May and the Cabinet simply because "we have never done it before". They say a no-deal Brexit could cause economic turmoil, bringing higher food prices, logjams around United Kingdom ports and disruption to everything from aviation to medicine supplies.

Meanwhile British Prime Minister Theresa May, whose blueprint for leaving Europe has come under fire from both Brexiteers and Remainers within her Conservative Party, was in talks with French President Emmanuel Macron at his summer residence in the south of France over the weekend. Hammond told a meeting of City executives that while the bloc will initially minimize disruption, it's likely to pass regulation over time that hampers United Kingdom banks, according to the paper.

"It's up to the EU27 to determine whether they want the EU Commission's ideological purity to be maintained at the expense of their real economies", he warned.

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


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