With Boris Johnson emerging as Britain;s next Prime Minister, he will have just over 3 months to deliver on Brexit.

On Tuesday, Goldman Sachs raised its estimate of Brexit from 35% to 40% saying the “hurdle” to stop a hard Brexit has become higher following Boris Johnson emerging as Britain’s Prime Minister.

Johnson has emerged as Britain’s next prime minister tasked with his “do-or-die” pledge to deliver Brexit in the next 3 months.

“There will be less tolerance for another long Article 50 extension, with patience wearing thin in both Westminster and Brussels,” wrote Goldman Sachs analysts in a note.

Despite the 5% increase in its hard Brexit estimate, Goldman Sachs kept the odds on a negotiated Brexit deal unchanged at 45%.

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Tags: article 50, Boris Johnson, Brexit, Britain, British, Brussels, estimate, extension, Goldman Sachs, hard Brexit, Prime Minister, tolerance