While Brexiters have acknowledged that a no-deal Brexit will significantly impact the country’s economy they however argue that this disruption will not last long and that UK will be free to chart its own course and make trade deals with other countries, including the United States.
French President Emmanuel Macron made it lucidly clear to British Prime Minister Boris Johnson that there is not sufficient time to completely renegotiate Britain’s Brexit divorce deal by October 31.
Although three years have past since Britain voted to leave the European Union, it still remains undecided whether it will leave the world’s largest trading bloc and on what terms it will do so.
While Macron deftly left the doors open Johnson for a possible solution to the Irish backstop, he however cautioned that any alternative solution must respect the integrity of the EU’s single market bloc as well as stability in Ireland.
“I want to be very clear: in the month ahead, we will not find a new withdrawal agreement that deviates far from the original,” said Macron following a warm handshake with Johnson.
Johnson, a hardcore Brexiteer, is betting that the potential chaos that will surmise in case of a no-deal Brexit will convince Macron and German Chancellor Angela Merkel to seal a last-minute deal. Johnson has promised he will take Britain out of the EU on October 31, with or without a deal.
Macron made it very clear, as Britain’s Prime Minister, the country’s destiny lay in Johnson’s hands and his hands alone. Although the EU does not want a ‘no-deal’ Brexit, it however would be ready for that particulat scenario.
Indecisiveness adds to financial haze
Brexit has created a historic political and economic chaos in London leaving investors and industries guessing as to which path the government will take to end this crisis.
According to investors, a ‘no-deal’ Brexit would significantly effect Britain’s economy and its shockwave will be felt in the EU as well as in the global economy. It will not only roil financial markets but also weaken London’s position as an international financial center.
Macron made it very clear that the ball lays in the UK’s court: “If we cannot find alternatives, then it will be because of a deeper problem, a political one, a British political problem. And for that, negotiations can’t help. It will be up to the prime minister to make that choice, it won’t be up to us.”
The Irish backstop, negotiated by Theresa May, empowers Britain since it allows it to temporarily remain in customs union with the EU after Brexit, and avoids the need for a ‘hard’ border, until a better solution is found.
In his characteristic style, Johnson stated in Paris, “Under no circumstances will the UK government be instituting, imposing, checks or controls of any kind at that border. We think there are ways of protecting the integrity of the single market and allowing the UK to exit from the EU.”
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