No-trade Deal Brexit Now More Likely Than A Deal – EU Commission Chief

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No-trade Deal Brexit Now More Likely Than A Deal – EU Commission Chief

Via Reuters:

Britain is now more likely to leave the European Union’s orbit on Dec. 31 without a trade deal than with an agreement, European Commission President Ursula von der Leyen told the bloc’s 27 national leaders on Friday, an EU official said.

The United Kingdom quit the EU in January but remains an informal member until Dec. 31 when it will finally leave the bloc’s orbit after 48 years. Both sides say they want a trade deal but negotiations are deadlocked.

After British Prime Minister Boris Johnson said on Thursday there was “a strong possibility” a deal would not be clinched, von der Leyen said the probability of a no-deal had risen.

“The probability of a no deal is higher than of a deal,” said the official, who spoke on condition of anonymity about the message von der Leyen gave leaders at an EU summit in Brussels.

Johnson and von der Leyen have given negotiators until Sunday evening to break the impasse over fishing rights and allowing Britain to be punished if in the future it diverged from the bloc’s rules.

“Situation is difficult. Main obstacles remain,” the EU official said of von der Leyen’s message. “To be seen by Sunday whether a deal is possible.”

Sterling tumbled, stocks fell and implied volatility surged as investors started to price in the risk of a chaotic finale to the five-year Brexit crisis. The pound fell 0.8% against the dollar to $1.3190 before recovering somewhat.

A no-trade deal Brexit would damage the economies of northern Europe, send shockwaves through financial markets, snarl borders and sow chaos through the delicate supply chains which stretch across Europe and beyond.

Most major investment banks still say a deal is their central prediction, but some investors recall that Wall Street and the City of London were poorly prepared for the 2016 referendum as few believed Britain would vote to leave.

Read the rest of the article here

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Written by: LoneRhody

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