Britain heads into Brexit unknown as parliament votes on no-deal exit
CRIMSON TAZVINZWA, AIWA! NO!|As Brexit uncertainty spills into foreign exchange, stock and bond markets across the world, investment banks such as Goldman Sachs and JPMorgan are offering different probabilities on the outcomes.
MPs are set to stave off the threat of a no-deal exit from the European Union on March 29 but the second defeat of Prime Minister Theresa May’s divorce treaty has left the country heading into the Brexit unknown.
“We continue to see a 55 per cent chance that a close variant of the prime minister’s Brexit deal is eventually ratified, after a three-month extension of Article 50,” Goldman said. Its best guess was that a reversal of Brexit had a 35 per cent probability and a no-deal Brexit a 10 per cent probability.
Contented Resilience; we have our concerns but are seemingly happy to just get on with life and are less likely to let our worries dominate or effect our wellbeing. The UK is in a resilient state, in which we are putting our woes aside and getting on with life.OMD
Brexit minister Stephen Barclay said no-deal remained preferable to staying in the EU.
“If you pushed me to the end point where it’s a choice between no deal and no Brexit … I think no deal is going to be very disruptive for the economy and I think no deal also has serious questions for the union,” he told BBC radio.
“But I think no Brexit is catastrophic for our democracy. Between those very unpleasant choices, I think no Brexit is the bigger risk.”
The EU said there could be no more negotiations with London on the divorce terms.
Britons voted by 52-48 percent in 2016 to leave the bloc, a decision that has split the main political parties and exposed deep rifts in British society.
Many fear Brexit will divide the West as it grapples with both the unconventional U.S. presidency of Donald Trump and growing assertiveness from Russia and China, leaving Britain economically weaker and with its security capabilities depleted.
Supporters say it allows Britain to control immigration and take advantage of global trade opportunities, while keeping close links to the EU.