UK unprepared for ‘no deal’ Brexit … OPEN EUROPE / FT May 29, 2018 at 09:16AM

UK unprepared for ‘no deal’ Brexit … OPEN EUROPE / FT


UK unprepared for ‘no deal’ Brexit

The UK government is largely unprepared for a ‘no deal’ Brexit, the Financial Times reports, citing an unnamed senior British official saying, “Our preparedness for no deal
is virtually non-existent… Our ability to deliver a ‘no deal’ outcome recedes with every week that passes.” The newspaper cites other officials saying that they had been discouraged from pushing forward with projects that would solely be needed in case of
a ‘no deal’ Brexit.

This comes as the UK’s former ambassador to the EU, Sir Ivan Rogers, last week criticised the lack of British preparations to set up independent regulatory bodies, arguing, “If we
want… genuinely to go it alone… then we have to be going full tilt in developing that regulatory capability at huge speed.”

Elsewhere, leader of the Eurosceptic European Reform Group Jacob Rees-Mogg on Sunday called on Prime Minister Theresa May to keep the option of a ‘no deal’ Brexit on the table in
negotiations with the EU, proposing she should threaten non-payment of the £40bn “divorce bill” in such a case.

Meanwhile, The Times reports that EU member states have invited UK officials to participate in negotiations for the EU’s 2012-2028 long-term financial budget. A source said that
member state officials told Britain, “You should be [involved in budget negotiations] because you will still be paying into it after Brexit, and probably more than just the science and research programmes.”

The European Commission is reportedly concerned that the UK will aim to “leverage” EU splits about internal funding in order to obtain a preferential deal, and have told member states
that “Britain is only using the MFF [multiannual financial framework] to influence rules defining third-country participation.”


Read More: UK unprepared for ‘no deal’ Brexit … OPEN EUROPE / FT

gbpusd gbp-usd


Categories: AC, FC, FCN, SGM

Tagged as: ,