UK PM Signals A Strong Possibility Of A No Deal Brexit Collapse
After UK PM Boris Jonhson and the European Union chief failed to come to a consensus on key startegic and trade matters, Johnson said that now is the time for his nation’s companies and citizens to accept a no-deal outcome on January 1
United Kingdom Prime Minister Boris Johnson said that there is a strong possibility of a no-deal Brexit collapse with the European Union after the two parties failed to come to a consensus on various matters including trade rules, governance and fishing rights. Johnson met with EU Chief Ursula von der Leyen on Wednesday after which she tweeted that while the two regions understand each other’s positions, they remain far apart. She further wrote that the teams should immediately reconvene to resolve the situation and come to a final decision by the weekend.
Britain’s PM announced that now is the time for the country’s companies and and citizens to be ready for a no-deal outcome from 1 January, which is the date set for Britain to exit from the European Union and the European Atomic Energy Committee. Stating that is isn’t a necessarily bad development, Jonson said that England would operate with Europe similar to countries like Australia and Canada.
If Brexit does come into play, it means that both UK and EU will have to follow the World Trade Organization’s rules, in which case both will impose tariffs on each other’s goods, making them more expensive. Further, non-UK boats will lose access to UK waters and vice-versa causing a big blow to the fishing industry. Lorries that are currently free passing through the borders will be stranded for longer with more checks in place, while unrestricted travel of England’s citizens to the European continent will not be applicable anymore.
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