October 08, 2019 01:53 PM It was only just a few days ago that it still seemed as though Britain and the European Union might be able to find an agreement that would prevent the UK’s unregulated exit from the EU. But following Prime Minister Boris Johnson’s speech at the recent Conservative party conference, an address that was not exactly well received in Brussels, the path toward a deal is rockier than ever. And once again, the scenario of a no-deal Brexit seems the most likely outcome, complete with the “chaos” and “catastrophe” that has been forecast for months. For the economy, a no-deal Brexit primarily means that everything would become slower and more expensive. Customs duties would be imposed, border inspections introduced, supply chains destroyed and ownership stakes devalued. Many questions remain unanswered when it comes to how the pound and stock markets might react on the day Britain crashes out of the EU. How much wealth, how many jobs might be lost? The true impact is impossible to predict. It is clear, though, that Europeans would feel the impact of a no-deal Brexit: German customs officers and Irish farmers, auto-industry executives and trade-industry workers, diplomats and bankers. Most… Read full this story
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