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German Finance Minister Olaf Scholz warned the UK today of “significant consequences” for the British economy if negotiations with the European Union (EU) fail on a post-Brexit trade deal.
An unregulated situation would have “very important consequences for the British economy,” said Olaf Scholz, during a press conference in Berlin, at the end of a meeting of EU finance ministers.
On the other hand, Scholz hopes that Europe can face the British exit, “after the preparations that have already been made.”
The German minister, however, said he still hopes that the negotiations with London “will achieve a good result.”
The European Commissioner for Economic Affairs, Paolo Gentiloni, also present in Berlin, declared that it is now up to London to “restore confidence” with the EU.
“In any case, we are prepared to face any extraordinary negative results from this discussion,” added the former Italian prime minister.
After the UK formally left the EU on January 31, the British and the Union began negotiations on their future trade and security relationship.
However, negotiations have been stalled for months and a trade agreement between the two parties, which should prevent the reintroduction of customs duties, is difficult to achieve.
At a time when negotiations to avoid a “no-deal” on January 1 remain stalled, London blamed Brussels for the origin of the dispute that last week poisoned a new round of negotiations.
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