The International Monetary Fund has warned that a no-deal Brexit on World Trade Organization terms would entail substantial costs for the UK economy. IMF said that all likely Brexit scenarios would entail costs, but a disorderly departure could lead to a significantly worse outcome.2 comments
Bank of England Governor Mark Carney will stay at the central bank an extra seven months until the end of January 2020 to help smooth Britain's departure from the European Union next year, finance minister Philip Hammond told parliament on Tuesday.Add your comment!
A no-deal Brexit could lead to the break-up of the UK, the ex-president of the European Council has warned. Herman Van Rompuy told The Observer leaving the EU without a deal posed an existential threat to the UK. He added a no-deal scenario would have a big impact on regions such as Scotland.
Irish Foreign Minister Simon Coveney has warned that the UK cannot afford to leave the EU without a deal. Speaking to the Today Program Mr Coveney described talk of the UK crashing out of the EU as bravado.
The UK Government position is unchanged: only the Falkland Islanders have the right to determine their own political and economic future, stated Phillip Hammond in Buenos Aires where he attended a two-day G20 ministers meeting.
Theresa May has been hit with fresh Conservative attacks on her leadership as she attempts to steer the UK through Brexit. Former Cabinet Minister Priti Patel accused the Prime Minister and Chancellor Philip Hammond of “negativity” as they attempt to lead the country out of the European Union.
The European Union’s Brexit negotiator has called for “realism” over the terms of the future relationship between the UK and Brussels. Michel Barnier’s comments came after claims from EU officials that Britain has a “fantasy” approach to the talks sparked anger.
Chancellor Philip Hammond has criticized claims from European Union officials that Britain has a “fantasy” approach to Brexit negotiations. Mr Hammond insisted that talks with EU officials were “constructive” after reports from the continent that Britain was being “unrealistic” and little progress made in discussions in recent days.
Senior Brexiteer MPs have delivered an “ultimatum” demanding Prime Minister Theresa May drops one of the government's preferred post-Brexit customs options. A 30-page document passed to the BBC says a “customs partnership” would make meaningful trade deals “impossible” and render the International Trade Department “obsolete”.
The UK economy grew at its slowest rate since 2012 in the first quarter of the year, the Office for National Statistics (ONS) has said. GDP growth was 0.1%, down from 0.4% in the previous quarter, driven by a sharp fall in construction output and a sluggish manufacturing sector.