Sterling sinks to 11-month low after Fox's no-deal Brexit remark

Kenny Grant
August 8, 2018

Outside of the EU, Britain falls under the rules of what's called the "World Trade Organisation", who basically govern trade between countries who don't have special deals.

They'd also probably point to analysis by the International Monetary Fund which says Britain will see a 4% drop in GDP if no-deal happens, which means the total value of all the goods and services produced in the United Kingdom would drop by 4%.

But Mr. Fox claimed Michel Barnier, the EU's chief negotiator, had already dismissed the proposals, which "makes the chance of no deal greater".

The prime minister has said she plans to publish some 70 technical notes in August and September outlining contingency plans for different sectors in the event Britain tumbles out of the bloc without a deal.

May's office said in an emailed statement Sunday that while the government is "confident" of securing a deal, "it is the job of a responsible government to prepare for all scenarios".

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The blunt criticism comes as an European Union chief said the Prime Minister was failing to take a strong stance with the bloc, and was harder to negotiate with than US president Donald J. Trump, describing her as "irrational" and "emotionally inspired" throughout the Brexit negotiations.

"I think the intransigence of the commission is pushing us towards no deal", he said in the report. He added: "It's up to the EU27 to determine whether they want the EU Commission's ideological purity to be maintained at the expense of their real economies".

May on Friday cut short her holiday in Italy for a meeting with French President Emmanuel Macron.

Fox is one of several ministers who back a clean-break "hard Brexit", while others, including Treasury chief Philip Hammond, want to keep Britain closely aligned with the European Union, its biggest trading partner.

But unlike Mr. Fox, Ms Patel does not back the Chequers deal, which has already led to a number of resignations from the government, including David Davis as Brexit secretary and Boris Johnson as foreign secretary.

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