Britain's Government is Seriously Preparing for 'No-deal' Brexit

Forex News

A little more than 100 days are left until the UK leaves the EU, but the deal, which should agree on future relations between the UK and the EU, is still not reached. After Prime Minister Theresa May postponed the parliamentary vote on the deal last week, it became known that the vote should take place in mid-January.

It is reported, that Theresa May and her ministers will step up preparations for a "no deal" Brexit, an outcome made more likely by a deadlock in parliament over the British leader's divorce deal with the European Union. May has warned lawmakers that the alternatives to her deal are leaving without an agreement or no Brexit.

UK economy has slowed since the 2016 referendum vote on Brexit and there is no guarantee that businesses and consumers will retain tariff-free access to European goods after Brexit. The British Chambers of Commerce (BCC) predicts GDP growth to slow to just 0.1% in the final quarter of 2018, however, and for 2019 GDP growth to remain at 1.3%. It has downgraded its 2020 GDP forecast to 1.5% from 1.6%.