If British Prime Minister Theresa May does not win sufficient support for her Brexit deal from Brussels, the likelihood of a managed disorderly exit from the EU is likely to rise.
According to a senior British minister, British Prime Minister Theresa May is unlikely to win sufficient support from the European Union to satisfy Euroskeptic rebels in her own party, thus the risks of a “managed” no-deal Brexit is on the rise.
With the British parliament deadlocked, the future of Brexit lies in the balance with Britain staring at either a disorderly departure with no deal or another referendum on EU membership.
In signs of how unpredictable the whole Brexit scenario has become, the senior minister speaking on the condition of anonymity stated there is a growing possibility of a second referendum. He went on to add, there was no consensus for any alternative to May’s deal, which seeks to keep close trading ties with the bloc after leaving.
The possibility of a “managed no deal” is rising. He went on to add, “We are not ready for no deal, the public is not ready for no deal.”
“There is no plan B, at least, not that will get the support of the House (of Commons),” said the minister. “What May can bring back from the EU will not satisfy those that need satisfying.”
May has repeatedly warned, if her deal is rejected then Britain, the world’s fifth largest economy, might have to leave the EU without a deal, a nightmare scenario for its business and industries.
London and Brussels have stepped up planning for a no deal exit scenario.
A no deal Brexit is likely to trigger an economic chaos in nearly every industry and Britain, will have to fall back on the World Trade Organization’s tariffs for trade with its partners.
The rising risks of a ‘managed’ Brexit, business leaders are falling back on contingency plans to cope with the additional workload that will ensure a post-Brexit UK-EU border – a scenario which is likely to clog up ports, dismember existing supply chain and cut up arteries of trade.