Article taken from: finance.yahoo.com
The EU has refused to do that. ING economist James Smith said his central assumption was that Britain would end up with an election. “It is very risky to go to the voters if there is a no-deal Brexit,” Smith told Reuters. “A general election looks increasingly likely.” Parliament, he said, was likely to force a vote of no confidence on Johnson’s government and then would try to force a delay to Brexit.
He raised the probability of a no-deal Brexit to 25 percent from 20 percent. The bank said sterling could fall to 95 pence per euro this quarter and that the British economy would feel the pressure too. Wrenching the United Kingdom out of the EU without a deal means there would be no formal transition arrangements to cover everything from post-Brexit pet passports to customs procedures on the Northern Irish border with EU member Ireland. Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain into a recession, roil financial markets and weaken London’s position as an international financial centre.
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