A no-deal Brexit is not in Britain’s best interest: Philip Hammond

The British parliament has begun a 5-day debate on the Brexit deal.

Philip Hammond, Britain’s Chancellor of the Exchequer, made it lucid that leaving the European without a deal is not in Britain’s best interest. He however did not elaborate on how the government would respond if parliament refused to back the negotiated Brexit plans.

With less than 3 months to go before Britain is set to leave the EU, on Wednesday, the British parliament began a 5-day debate on the deal that has been hammered out by British Prime Minister Theresa May with the rest of the bloc ahead of the crucial vote.

“I firmly believe that my job is to look after the welfare and interests of the British people and I conclude that it would not be in their interests to leave without a deal,” said Hammond to an annual reception hosted by Airbus.

British lawmakers have earlier demanded for a plan B in the event she loses the vote on her deal to leave the European Union.

When asked to respond to such a scenario, Hammond stated, “We are very determined that we need a deal. We need a deal that allows us to continue to co-operate and to have a smooth and orderly exit and we’ll make sure that we do.”

May allies are relying on the lack of a ‘plan B’ to break the deadlock in parliament.

“What we and many other British businesses need most urgently, is for politicians from all sides to come together and pass a pragmatic agreement that allows an orderly Brexit,” Tom Enders, CEO of Airbus. “We don’t see any specific benefits in the current deal. It’s just a lot less bad than a ‘no deal’”

Business leaders across Britain are stepping up pressure on decision makers to end months of uncertainty and increase clarity on the terms of Britain’s potential departure from the EU.

Airbus, which employs 14,000 people in Britain and builds most of its commercial airplane wings in the country, has spent tens of millions of euros on contingency plans, including stockpiling items in anticipation of border delays in case of a ‘hard Brexit’.

According to an internal memo, Airbus is planning for a no-deal Brexit as its “baseline” scenario.

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