UK Minister Says Britain Will Suffer Economic Shock With No Trade Deal

Britain will suffer an “economic shock” if the European Union refuses to sign a free trade deal after Brexit, a Government minister has admitted for the first time.

Lord Price, a minister in the International Trade department and the former managing director of Waitrose, admitted that the Government must “ensure” that British and European businesses “don’t find themselves staring at a cliff face created by a gap in our trading relationship”.

It came as Boris Johnson, the Foreign Secretary, continued to heap pressure on Theresa May over Brexit, urging her not to let the negotiations “drag on”.

He said that the Government should “get on” with triggering Article 50 – the formal process for leaving the EU – despite being rebuked by Mrs May just days ago for saying the Prime Minister should do it “early” next year.

Mr Johnson also told businesses they must stop “mainlining” immigration “like a drug” as Britain prepares to leave the EU.

via Telegraph

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza