Reuters
Published Apr 02, 2019 02:54AM ET
EU's Barnier: no-deal Brexit more likely by the day, three options left
BRUSSELS (Reuters) - Britain has become more likely in the recent days to crash out of the European Union without a divorce agreement, the bloc's chief Brexit negotiator Michel Barnier said on Tuesday.
"Over the last days a no-deal scenario has become more likely, but we can still hope to avoid it," Barnier said, adding the EU was ready to accept Britain staying the EU's customs union or a relationship akin to the one the EU has with Norway.
Speaking at an event in Brussels after the British parliament rejected alternatives to Prime Minister Theresa May's divorce deal, Barnier said Britain now had three choices before the April 12 leaving date.
"The UK should now indicate the way forward or indicate a plan," Barnier said. "More today than ever."
He said Britain could still accept the stalled deal negotiated by May, reiterating it was "the only way" for Britain to leave the bloc in an orderly way. Other options were the most damaging no-deal Brexit, or a long delay of the UK's leaving date, Barnier said, adding the factious UK parliament would hold the responsibility for these.
Barnier said a long postponement of Brexit would entail organizing European Parliament elections in the United Kingdom in May and London naming its representatives for the new European Commission.
The Frenchman said there was no added value to Brexit and stressed the 27 EU states staying on together were now ready for an abrupt split.
"Being prepared for no-deal doesn't mean that everything will be smooth. There will be disruptions, there will be problems. Being prepared means all unforeseen disruptions could be managed by the EU," Barnier said.
EU leaders including May meet in Brussels on April 10 to decide on next steps.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.