Posted by AdviserDirect on 02/07/2019

Brexit: Future relationship between UK & EU

Brexit: Future relationship between UK & EU


BRITAIN will see other nations “roll with” Brexit even in the event of a no-deal break from the European Union, according to the secretary general of the Organisation for Economic Co-operation and Development (OECD).

“The lack of details on the future relationship between the UK and the EU or the extension of the transition period, and the resulting uncertainties, could incite businesses to delay investment plans further.

“By contrast, prospects of maintaining the closest possible economic relationship with the European Union would lead to stronger-than-expected economic growth.”

Jose Angel Gurria hinted a hard Brexit would not spell direct economic disaster for the international community as he suggested the OECD will “take our bumps” that come from a no-deal scenario. Suggesting Britain would revert to World Trade Organisation (WTO) rule, Mr Gurria said “the whole world” runs on WTO checks. 

Mr Gurria told Sky News at the World Economic Forum meetings at Davos: "A no-deal, WTO rules… the whole world is running by WTO rules these days. "It's unfortunate that the UK is leaving the EU but that was the will of the British people so we take our bumps and we roll with it."

Mr Gurria went on to declare how the OECD would try and ensure there is as little drama as possible when Britain cuts ties with the EU, but maintained it is still more likely the UK will leave with some sort of deal.

Read the full article on Express



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