Published: Sat, January 26, 2019
World Media | By Cesar Oliver

Britain's first Brexit-era trade deal will be with Israel, minister says

Britain's first Brexit-era trade deal will be with Israel, minister says

If the United Kingdom can not agree to a deal in the next nine weeks, the country will leave the European Union in a disorderly split that British authorities warn will risk a recession, and a hit to the pound of as much as 25 per cent.

Mark Cassidy, director of economics and statistics, said: "A disorderly no-deal Brexit has the potential to significantly alter the path of the Irish economy in both the short and medium term, with a substantial and permanent loss of output".

The European Union's chief Brexit negotiator Michel Barnier said that the "backstop" provision in the agreement for Britain's withdrawal from the bloc could not be time-limited, since that would defeat its objective of guaranteeing no hard Irish border.

What's interesting is that, since the delay of the Brexit vote on December 10 a year ago, the pound has actually strengthened by 3% and the "Brexit sensitive" stocks have outperformed their peers by 1.9 percentage points, indicating the overall bullishness among investors for a positive Brexit outcome.

It's very much a case of the perky pound braving through impediments as odds of a no-deal Brexit diminishes and chances of a second referendum taking place slowly increases.

"The truth is nobody can know for sure what will happen in a no-deal scenario", Varadkar said in Davos.

On Tuesday, James Dyson, a billionaire Brexit supporter who revolutionised vacuum cleaners with his bagless technology, said he was moving his head office to Singapore from Britain to be closer to his company's fastest-growing markets.

The firm said it was making the move because of the growing importance of the Asian market, rather than because of Britain's impending European Union exit.

Small businesses and corporate giants, equally frustrated by the Brexit uncertainty, take various measures to prepare for a different set of events following 29 March 2019.

"The more access you have to Single Market, the less damage Brexit will do to your economy".

Enders also urged Britons not to listen to "Brexiteers' madness" that Airbus would always be in Britain.

"We have a way of doing that, it's called the backstop, which creates time and space for a negotiated future relationship, which I hope will prevent the need for the backstop ever to be used".

"We have no appetite for firms who have not done the work or for firms who have no real intention of setting up a substantial business in Ireland or rather see their authorisation as a last resort for a hard Brexit".

The amendment would seek a delay to Brexit to the end of the year if a withdrawal agreement isn't approved by the Common by 26 February.

Momentum behind the British currency's rally has been building all week, with many analysts saying the rising odds of the Article 50 being extended would likely lead Brexit-supporting opponents of the Prime Minister's exit proposals to fall into line behind her to reduce the odds of Brexit being cancelled altogether.

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