The prospect of a no-deal Brexit looms again in Britain, stoking fears of a painful double whammy for an economy already on its knees due to the deadly coronavirus outbreak.
Prime Minister Boris Johnson has insisted the country will prosper even if no deal is struck in time for it to be implemented from January 1 next year. "The result of no-deal could be delays at ports, reluctance to contract across borders, and difficulties in filling jobs" that were traditionally taken by EU nationals, he told AFP.Thomas Sampson, professor at the London School of Economics , warned the overall long-term cost of a no-deal Brexit might match or exceed that of the coronavirus outbreak.
Compounding fears is the imminent end of the job retention scheme, under which the UK government has paid most private-sector wages of millions furloughed due to the virus.The CBI business lobby has warned that many virus-wracked companies might not be able to survive another body blow. Some industrial giants who are dependent on complex supply chains for components have already warned about the future of their UK operations in the event of no-deal.
Source: Financial Digest (financialdigest.net)
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