Daily Management Review

A ‘Full-Blown Economic Crisis' Could Be Result Of A No Deal Brexit


02/26/2019




A ‘Full-Blown Economic Crisis' Could Be Result Of A No Deal Brexit
According to a warning from the aerospace trade body ADS, if there is a no-deal Brexit, there is a risk of a "full-blown economic crisis".
 
It was now able to track "the very real economic damage being caused" because of the continuing uncertainty surrounding the UK's exit from the EU, the ADS Group said.
 
It was not long ago that the similar warning was issued by the insurance trade body, the ABI, which claimed that a no-deal Brexit "would be a be an unforgivable act of economic and social self-harm".
 
The UK and the European Union is yet to come to a trade agreement even though the date for the UK leaving the EU comes very close – 29th March. And there is growing pressure on the US Prime Minister Theresa May to postpone setting of Brexit in case there is no deal struck between the two parties.
 
Some of the largest companies operating in the UK, including Airbus, Boeing and BAE Systems are members of the ADS, the aerospace and defence trade group.
 
Its members needed a "firm transition period and negotiations on the UK's future relationship with the European Union commenced at the earliest opportunity", said Chief executive Paul Everitt.
 
The continued uncertainty over Brexit has already drawn severe criticism and anger from many business groups.
 
It is expected that Huw Evans, director general of the Association of British Insurers, would suggest the government that in case a no-deal Brexit becomes an eventuality, there should be a short delay in imposition of Brexit "as a last resort".
 
The British MPS would be able to appear for a fresh vote on the Brexit deal by 12 March, announced May on Sunday which dismayed a number of business groups.
 
The vote was described as "the latest signal to businesses that no-deal is hurtling closer" by CBI deputy director general Josh Hardie. "It must be averted. Every day without a deal means less investment and fewer jobs created," he said.
 
"Delaying the vote until just two weeks before the UK's planned departure from the EU raises serious concerns about the timeline of the parliamentary process, and whether there is sufficient window to reach an agreement and pass the necessary legislation to avoid a no-deal exit," said British Chambers of Commerce director general Dr Adam Marshal.
 
According to the interim director general of the Institute of Directors, Edwin Morgan, there is a lot at stake for businesses and the British economy to waste time and come to the date of Brexit imposition and then risk coming out with an accidental no-deal exit. “We sincerely hope this is the last and final date change," he said.
 
"Businesses have lost all faith in the political process and as those first in the firing line of no-deal, they deserve to know more," he added.
 
(Source:www.bbc.com)






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