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Traders say a Brexit without a trade deal would hurt Europe’s economies and generate shock waves in financial markets.
In this file photo taken on March 25, 2017, an EU flag and a Union flag are held up by a protester with Elizabeth Tower (Big Ben) and the Houses of Parliament in London. Image: AFP.
JOHANNESBURG – British and European Union (EU) negotiators have until the end of Sunday to find a last-minute solution to the Brexit impasse between the two countries.
Reports say a deal seems highly unlikely, but British Prime Minister Boris Johnson and European Commission Head Ursula von der Leyen have given the negotiations one last chance.
Negotiators say it remains at a standstill over fishing rights and the EU’s demands that Britain face the consequences, if in the future it deviates from the bloc’s rules.
Johnson must decide whether the deal being offered is worth taking.
Otherwise, there will be tighter restrictions when crossing borders, with supply chains thrown into chaos.
Traders say a Brexit without a trade deal would hurt Europe’s economies and send shockwaves to financial markets.
UK stocks have already slumped, along with euro zone government bond yields and the British pound.
And all of this happens as the UK and EU economies face the effects of a second wave of COVID-19.
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