Factbox: No-deal Brexit - what it might mean for UK economy

LONDON - Britain is due to leave the European Union on 12 April unless Prime Minister Theresa May can break the deadlock in parliament or asks Brussels for more time, raising the prospect of an abrupt, no-deal Brexit for the world’s fifth-biggest economy.

Over the longer term, Britain’s finance ministry has said the economy could be 8% smaller by 2035 after a no-deal Brexit than if Britain stayed in the EU. The hit would be bigger if migration slowed sharply, the ministry has said. Deals with faster-growing nations such as the United States, India and China would be a big boost for Britain, Brexit supporters say. But Britain’s official budget forecasters say the benefits of such trade deals are likely to be small.The government has identified stretches of motorway to use as truck parks, and plans to use a small airport in southern England to cope with any tail-backs at ports on the English Channel.

Brexit supporters point to comments by the head of the port in Calais, in France, who said trucks would continue to move through without delays in the event of a no-deal Brexit. Brexit supporters say leaving the EU with no deal would help the public finances because it would mean an immediate end to payments by London into the EU budget.

Source: Financial Digest (financialdigest.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Newsdeck: May Risks Fresh Defeat on Day U.K. Meant to Leave: Brexit UpdateTheresa May makes a desperate push to get at least the main part of her Brexit divorce deal through Parliament on Friday, the day the U.K. was meant to be leaving the European Union. To stand even a slim chance, the prime minister was forced to leave the vote on Britain’s future ties to the bloc until a later date; even so, she faces seemingly impossible odds.
Source: dailymaverick - 🏆 3. / 84 Read more »

Third time is not a charm as UK MPs reject Brexit deal againPrime Minister Theresa May now faces having to return in the coming days to explain what happens next, with speculation in Brussels of an emergency summit on April 10 or 11 pierredevos This is so confusing,what really need to happen I feel for her ,she is trying her best .I heard that she is planning to resign. pierredevos Tories are trying hard to retrieve their shattted visage With hindsight they should have pushed TheresaMay DownTheStreet when she lost an Election she foolishly or rather imprudently called David_Cameron resigned when Referendum went against his wishes pierredevos
Source: BDliveSA - 🏆 12. / 63 Read more »

UK lawmakers reject Brexit deal for third timeBritish MPs on Friday rejected Prime Minister Theresa May's EU divorce deal for a third time, opening the way for a long delay to Brexit. Sekuzokwenzekani manje? Educate me
Source: eNCA - 🏆 49. / 51 Read more »

UK lawmakers reject Brexit deal for third timeBritish MPs on Friday rejected Prime Minister Theresa May's EU divorce deal for a third time, opening the way for a long delay to Brexit. What would an exit without a deal be like? What's at stake? At this rate, it seems they wanna leave without one. Then walk out with no deal. Give the British people what they voted for. Brexit is racist
Source: eNCA - 🏆 49. / 51 Read more »

EU 'needs yes' on Brexit after UK MPs vote noThe EU on Thursday urged London to provide a way forward on Brexit, taking note that the British Parliament had failed to agree a fresh solution to the UK's divorce from the bloc. 'The European Commission takes note of the indicative votes in the House of Commons last night. This is part of an ongoing political process in the UK, which we fully respect,' EU spokesman Margaritis Schinas said. U.K. Can always ask ANC how to win failed votes, GET CORRUPTED M.P.' S..
Source: SowetanLIVE - 🏆 13. / 63 Read more »

UK lawmakers to vote on eight Brexit proposalsThe result will be announced on Wednesday evening after a debate ends at 2100 GMT, the Speaker, John Bercow, said.
Source: ewnupdates - 🏆 30. / 53 Read more »

Newsdeck: U.K.’s Brexit Stalemate Deepens Despite May’s Promise to QuitThe U.K. staggered through another day of Brexit drama in which Theresa May promised to resign if Parliament backed her deal, but ended it no closer to agreeing to a plan for leaving the European Union.
Source: dailymaverick - 🏆 3. / 84 Read more »

Govt working on plan to ensure stable ties with UK after Brexit, says DaviesThe UK was set to leave the EU at the end of the week but that’s been potentially delayed to 12 April.
Source: ewnupdates - 🏆 30. / 53 Read more »

UK mired in another Brexit deadlockConfusion reigns as British parliament again fails to find an alternative
Source: BDliveSA - 🏆 12. / 63 Read more »

UK parliament speaker approves Friday vote on Brexit Withdrawal AgreementBritish parliament Speaker John Bercow said on Thursday he had accepted the government’s bid to hold a vote on its Brexit deal on Friday.
Source: ewnupdates - 🏆 30. / 53 Read more »