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No-deal Brexit risk bigger than firms think

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A no-deal Brexit means trade between the UK and the EU would switch to World Trade Organisation rules. brexit

LONDON: UK companies and politicians are underestimating the chances of a no-deal Brexit, the head of a business group said.

“We do have the risk of no deal happening by accident and businesses still being unprepared,” said Morgan, whose organisation has about 30,000 members, comprising company directors and executives. “There’s a bit of a feeling of complacency.” May could be replaced by a Conservative leader who supports a no-deal divorce, or French President Emmanuel Macron might block a further Brexit delay, Morgan said. The UK could also drop out of the EU in the aftermath of a general election or second referendum, he said.With economic data suggesting slower UK growth, the trade stakes are huge. The rest of the EU is Britain’s biggest trading partner, accounting for 48% of UK goods exports and 53% of imports in 2017.

 

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